Being a landlord is a very popular way for people to invest their money. There are so many benefits of getting into real estate, mainly that you get to be your own boss! And it's even better in a great area like Corpus Christi!
But it's also a very demanding job requiring a lot of work to be successful. It's important to set up strategies from the beginning. These help you keep from burning out and seeing those profits.
Check out our guide with everything you need to know about residential property management.
Focus on Tenant Screening
The best landlord advice that can be given is to focus on the tenants. Good tenants make all the difference in how successful your rental becomes.
Bad tenants will cost you more in maintenance and repair fees. They'll also need to be replaced more often, which can be costly. It's better to take time to focus on screening practices to find quality renters from the start.
No matter what kind of rental property you have available, you want great people in there!
Keep Lines of Communication Open
Once you've found good tenants, it's important to create and keep a good relationship with them. The less turnover you have, the better.
This means keeping the lines of communication open as much as possible. Be sure you're clear with all of the information you share. Have set boundaries and procedures for how to be contacted as well. And above all, be consistent!
Create a Rent Collection Policy
Rental income is the way you make money from your investment, so collecting it should be at the top of your priority list. The last thing you need is to forget to collect or have missing payments.
This process can be time-consuming if you don't have a good system in place. Many landlords find it's much easier to work with a property management team to get this done. The key is to find what works and stick with it.
Follow a Property Maintenance Plan
Along the same lines, it's important to come up with a maintenance plan to follow as well. This checklist will help you keep your property in the best shape possible, which will help you attract (or keep!) amazing tenants.
This list should not only be regular maintenance tasks; it should also include some preventative measures and upgrades. This helps you avoid problems in the future.
Owning a Successful Residential Property Management
Keeping these strategies in mind can make residential property management much easier. But hiring a team of professionals will make it even easier. Instead of trying to figure everything out on your own, you can rely on years of expertise.
With the right team, you can delegate as many tasks to the pros as you want! Our team at PMI Corpus Christi loves working with all kinds of landlords. We take on everything from tenant screening to maintenance to give you the best chance at success. Schedule a free rental analysis in Corpus Christi today!
