After managing 100 units of her own portfolio, LeAnn Riley shares a few tips of her own on property management:
Getting market rents
Keeping up with the market is essential. Even with long-term tenants, be sure to build in a 2%+ accelerator of rent into the lease. This keeps rents moving forward with inflation.
Picking the right tenants
Full criminal and credit checks of prospective tenants provide the information needed to properly screen candidates. Don’t forget personal interviews that dig a little deeper (Go ahead and laugh, but I interview the dog, too!).
Avoiding management mistakes
Updated lease docs are critical and should include crime addenda, repair/replace policies, etc. It’s important to monitor your property periodically.
Having the right maintenance and repair team on call means happy tenants and less demanding ownership.
How you manage your property can make or break your investment! A couple of common pitfalls I’ve seen by self-managed owners are renting to friends at a discount rate, and being taken advantage of by late or non-paying tenants. A good property manager must take action to remedy issues when they occur. And I can help determine the best approach to property management for you!
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