Rental Property Management Tips

There is a new wave of real estate investors, who are acquiring real estate for the purpose of not staying but to secure an additional income. But being a landlord is not as easy as it sounds. There will be numerous instances where one would have to deal with unruly tenants, following up for one’s own money, repairs and maintenance issues, like that of non-working toilet or emergencies that one has to be prepared for. Below are top 5 tips that one should keep in mind while getting into an agreement for Rental Property Management:

Provide secure premises: We are living in uncertain times with random incidents making uncomfortable headlines. One must be prepared to let out a reasonably secure premise and work towards making it comfortable for future tenants as one would do for their own use. Installation of security cameras, proper lighting, secure grills and fences are the order for the day. A study of the neighbourhood as to how others residents have equipped themselves are good pointers.

Screen tenants: While one is ready to provide comforts to future tenants, it is also expected that one would get good, hassle free tenants for the property. Often we let out properties on face value but it is advisable to run background checks or speak to the prospect tenant references or previous landlords before giving one’s property on rent.

Documentation: All communications with the tenants should be documented including responsibilities and timelines. A good rental lease agreement comes handy which should signed and registered at the local authorities, in case of a dispute arising at a later time. One can get a good lawyer to draft an agreement based on mutually decided actionable and responsibilities.

Handling deposits: A system should be established between the landlord and the tenant for receiving deposits by way of cash or bank deposits or a mix of both. All transactions should be documented and receipts of deposits shared with the tenants timely thereby establishing a fair play.

Make repairs: Before a property is let out, the condition of the property should be evaluated, photographed, and noted so the chances of disputes arising at a later date are less. Also in case the property requires repairs because of natural reasons and that of wear and tear, the landlord should take responsibility and get the service team in place required to correct the repairs, timely. If not, these issues can snowball into larger distress.

Though landlords are expected to be around 24*7 but it is not practical. With advancement of technology, there are real estate management companies like PropCare now, who can take the burden of your shoulders. You can write to us contact@myfollo.com or call us at +91-9821391006 to know more about our services.

34 thoughts on “Rental Property Management Tips”

  1. hi great article can u tell me if propcare would manage all rental receipts, do chase ups etc for me too with my tenant..

    1. Propcare offers a lot of services. Managing rent is one of our primary services. We offer many more like consultancy, interior decoration, managing portfolios, ets. So the answer to your question is yes. Propcare facilitates both, the owner as well as the tenant.

  2. I think it’s a good idea to hire someone who can take care of property management for you. As a landlord, you’re probably too busy to do things like screening tenants or making repairs. A property manager can do all that for you, which will save you time and money! Thanks for sharing.

    1. You get what we’re trying to say. Why work through all of that when you can relax hassle free! You’re welcome. Keep checking our blog for new updates.

  3. A property manager – who handles the business side of an investment property for the owner.

    Excellent post! Thank you for sharing tips.

  4. I think it’s a great idea to evaluate the state of the property before you rent. It’s good to know the condition before in case anything major happens. The best landlords I worked with were very aware of the state of the property so if anything happened they were prepared for it.

  5. I like that a property manager can help screen tenants. It seems like a lot of work to do background checks and talk to previous landlords, so I would definitely hire a property manager to help. How do you go about running a background check? Are there agencies that will do it for you? Thanks!

    1. We run the background check on our own. We have responsible professionals hired for the screening and they’re very reliable.

  6. Managing property right is a big deal because of the fact eat if you do not take care of it, it will not stay in good shape. I think it is very important that you keep your property in the best shape because it reflects you and your style. You bring up a good point about getting good tenants I think it is wise to screen them because it makes sure that they are good.

    1. Yes, managing property is a very important step of the process. Glad you liked it. For more information, keep checking our blog. We intend to post new articles on the subject soon.

  7. It sounds like a good step to do the background check of a tenant and to even talk to their previous landlords. When it comes to doing the background check, what would be the main requirement to look into a potential tenant? This question has my brother wanting to know now that he’s planning on renting out his new apartment building to the public and also he recently got into a rental property management position within his company.

    1. The background checks can be done either intensively or extensively. If you’re planning to do them yourself, you could talk to the precious landlords or you can always ask them about their education and make a few calls to their teachers. Stalking them on social media is also a very good option since these days people post anything and everything there.

  8. I like what you said about how you should screen your tenants. It seems like it would be smart to find people who will take care of your property. If you don’t want to do this yourself it seems like it would be smart to have a professional do it for you.

  9. Thanks for these ideas. I was looking forward to shift on rent but because of my past experience I always feel that how I can trust them. But, after reading this blog I have got some amazing ideas and I feel that I can trust them too.

    Great blog and like to read more such informative posts !!!!

    1. Thank you so much. Glad we could assist. We’re going to post some articles on the related subject soon.

  10. I agree, having a good lease agreement is necessary for landlords leasing a rental property to a tenant. This is an important part of making sure that tenants agree to the rules and conditions that a landlord sets for them to live there. It can be tricky making sure that everything is explained in a contract, so hiring a property management company can help with drafting rental agreements.

    1. A property manager can take care of a lot more than just screening tenants. To know more, wait for our next blog post. It will be posted soon.

  11. I agree that its suppose to be the landlords obligation to make the repairs of the home. Before moving in I would have to make sure there is no problems with the home. I am going to check up with him to see if he has already checked with the home.

    1. When you rent a flat from someone, you’re basically a customer and the flat the product. Nobody buys a defective product. Similarly, nobody should buy a flat that needs repairs. It’s undoubtedly the landlord’s obligation to make the repairs.

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  13. Hello, Good Job.!! You have described it very well about Rental Property Management Tips i would definitely follow up the given tips i hope you will continue guide us in the future.

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