Buying a property is one thing, but managing it is the task that most fail at. Perhaps the trick is in the finer details that people miss out when comparing a number of properties that they buy on a daily basis. Well, in order to be good at managing a property, you first ought to understand the difference between the purposes that you would have purchased your different properties for. In some cases, you buy to live in it, in some, you buy to rent it out to a family and, in some cases you buy to rent it out to a company. In all these scenarios, you will be required to employ different property management skills on each of the properties.
Experienced rental property industry practitioners will tell you about a number of reasons for keeping different property management styles at your properties, but, we also have some that we think are precise and speak the most to your confusion. We will look at them and then go on to some few tips for landlords who own residential and commercial properties in the San Fernando Valley.
Now, when managing properties, first you need to differentiate between residential and commercial property. Once that is done, you have to go further ad also differentiate between your office work and industrial work properties, after which you will know if there is a need to maintain a hands on approach, where you are constantly present at the property, or just keep your distance and be checking up on your tenants from time to time. In residential properties, you will keep a hands-on approach by making sure you maintain the garden, keep the place looking good, fix gas and water leaks, and collect the rentals in person, though most prefer bank transfers this day. With commercial properties, management is mostly done through a real estate management company.
Tips for landlords
First, hire a good property management company
Landlords have struggled in the past with rough, unbecoming and unprofessional companies that they hire to manage their properties. Well, a good property management company will always be available to answer to all queries from your tenants. This is very important, especially in commercial property leasing. Also, a good company will be able to attract the best clients who will give much value to your building.
To be continued!