Are you a new landlord? Whether you've invested in a rental property or become an accidental landlord, you may not know where to begin when it comes to finding tenants.
Not to worry. Here is a guide for everything you should know about leasing management, so you can become a confident rental property owner.
Keep Records of Everything
Documentation is key when it comes to your lease strategy. This is because you can use documents to evaluate your leasing performance and your rental income history.
Ideally, you should keep both paper and digital records. Upload the digital records to the cloud so you won't lose them.
If you have a tenant portal, it's a great place to store important documents. Both you and your tenants can easily access them when needed.
In addition, if you have a new tenant, you can look at older leasing documents and decide if you need to increase the rent.
Evaluate Your Finances
You always want to make sure you're making the most money possible from your rental property. Evaluate your finances regularly, such as every quarter, to see where you can save.
You can use accounting software like QuickBooks to generate financial statements. These are great if you want a big-picture view of how your rental business is doing. They're especially helpful if you have more than one property.
Focus on Resident Retention
It may seem tempting to try to get new tenants so you can increase the rent prices. However, the biggest way to save money is to try to retain the tenants you have.
Good tenants can be hard to come by. You don't have to do the extra work of tenant screening and evaluating whether someone can pay the rent or not.
The costs associated with finding and retaining newer tenants can add up quickly. First, see what you can do to get your current tenants to renew their lease. You can offer discounts for loyalty, or even incentivize them further with a multi-year lease and a guarantee of stable rent prices.
Outsource Your Leasing Work
If you don't have the time to effectively manage your leases, there is a solution. Property management companies specialize in this type of work.
For a fee, you can outsource as little or as much of the work as you want to a third-party property manager. They can take care of all of your leasing management, and evaluate things like leasing performance and resident retention.
You will not have to worry about managing your properties if you decide to grow your portfolio. Many property management companies also have features such as tenant portals.
Leasing Management Made Easy
If you're new to leasing management, it does not have to be a difficult process. Use this guide to find and keep the best tenants when you lease your rental property.
Aksarben Property Management has the expertise and professionalism to assist you with all of your leasing needs.
Our team is here to help. Contact us today to get started.
