Your Handy Guide to Property Management
If managing your property still stresses you out, the chances are that you are still not doing it right. Whether it is a rental property for tenants or a commercial plot, handling things can be a real grind. Dealing with tenants every once in a while has to be flawless. Yes, you read that right because missing out on a small detail may cost you a fortune afterward.
Worry not! If you want to manage your property in Burbank like a business, there are a few things that you ought to be doing the moment you end reading this blog post.
Everything needs to be well-organized
One of the most common things that might frustrate you as a landowner is the lack of order in things. Since you are a landowner, there has to be a fair amount of paperwork involved. With paperwork, comes a headache if the documents are not well-organized. Last minute document requirements would be a nightmare.
In order to save yourself from all of that, you need to make sure that all the applications with the required documents are kept in a safe. You can use a zipped leather file as a safe for your documents. Do not rely on a single original document solely. Get a couple of copies and keep them somewhere else for a backup record. Here is another great tip; use Google Docs as an online backup. You would thank us!
Ending business with one of your tenants does not mean that you throw their documents away. Lack of space is not a problem, losing a document that might come handy in future is. So, make a separate folder for your old tenants and keep it safe.
Maintenance is the key
The way your property looks says a lot about your work aesthetics. Let’s say, we are talking about a residential property here. Ensuring that it is well-maintained is not only important because it will attract the prospective tenants but it can also affect its future value for resale.
A good maintenance includes extensive cleaning prior to tenants moving in, repainting the damaged or scraped walls, changing the flooring or carpets when required and most importantly having a property inspection once in a while.
If you have a furnished property, you should also consider checking the appliances and furniture before the next tenant moves in. Make sure you check for any major damage for which your previous tenant might deserve to be penalized. If the appliances do not look as good as they seem to work, paint them instead of changing them completely.
Preventive maintenance also deserves a good deal of your time as it enables you to strategize plans for future management funds. Do not save the inspection reports for later and read them as soon as they come out.
Hire a Property Manager if required
Just because you own the property does not entail that you can manage it as well. Many landowners become their own property managers to save money. If you can’t seem to manage it well, hiring a property manager could save you more than leaving it as it is.
You can save your energy from worrying about inspections and maintenance and can focus on property growth strategies instead. An experienced property manager can make your life a lot easier for you.
Market your property online
Landowners often worry why their property isn’t doing well on the market. Your prospective clients might not even know about you. Gone are the times when newspapers and billboards were good enough to line up clients. It’s the social marketing era where building a website or having any form of online presence for that matter is extremely important.
You can pay a popular property site to share a blog post about your property. Create a video and take pictures of it and share them online (Note that the videos and pictures must look professional).
Make sure you incorporate long tail keywords that will enable people to find you easily. This is specifically important in terms of the SEO ranking of your blog post or article.
Having a well-thought-out plan can help you manage your property efficiently. Do not hesitate to hire managers or accountants if you are not confident about the jobs yourself. Better late than never!