You’ve just purchased your first rental property. You’re excited and eager to get started, but you have no idea where to begin. Property Management Berwick might seem like a scary task, but in reality, it’s an opportunity to help your properties thrive. With the right strategies, your properties can succeed. In this article, you’ll learn everything you need to get started managing your first rental property, from understanding your responsibilities to understanding the key metrics that will help you succeed. Let’s get started!
Priorities in Property Management
- Mortgage – You own the property, but you’ll need a mortgage to pay for it.
- Tenant screening – Before taking in tenants, you’ll want to do your due diligence and screen tenants thoroughly.
- Rent – Your rent is the most important factor in your success as a property manager because it will determine how much profit you make on each property.
- Maintenance – It’s crucial that you manage your properties well so they can stay in great shape and avoid costly repairs.
- Marketing – There are many marketing strategies that you can use to advertise your rental property, such as online ads or social media posts, among others.
- Insurance – This one is super important! Make sure everything is covered by insurance before renting out your property for any amount of time!
Set Goals for Your Property
Before you get started, it’s important to establish your goals for your property. You will want to set metrics that you want your property to achieve so that you can monitor its progress. For example, if you own an apartment building with four units, your goal might be to have no more than two months of vacancy in any given year. This will help you know when the market for rentals is too low or high and allow you time to adjust accordingly.
Get Organized
Before you start Property Management Berwick, it’s important to get organized. You’ll need to organize your rental application process, bookkeeping, payment information, and more. These tasks will provide you with a clear understanding of what needs to be done in order for your rentals to be successful.
Assign Routine Maintenance Contracts
To maintain your property, you’ll need to assign routine maintenance contracts. Some of the tasks that should be included in this contract are painting, replacing lightbulbs, and cleaning the gutters. This will ensure that your property is always looking its best and up to code. When assigning these contracts, make sure you have them for a specific amount of time as opposed to a specific dollar amount. This will help prevent overspending on work that isn’t necessary.
Organize and maintain your rental inventory
Once you have your rental inventory, it’s time to organize them. You should consider everything from the names of properties to the number of tenants in each property. This will help make sure that your rental inventory is properly maintained and organized. Make sure you take a close look at your vacancy rates as well. For example, if you have five properties but your vacancy rate is 40 per cent, that means that only around two-thirds of your home listings are occupied. That doesn’t mean you shouldn’t rent out those units; just be mindful of what percentage of your rentals are occupied and which ones aren’t.
