Managing a rental property can provide you with a nice income. However, there are some things that you need to do in order to make sure that things run smoothly. Here are some of the ways that you'll need to take responsibility for your rental properties.
Screen Tenants
Before you rent out one of your properties, you need to screen your tenants. This often includes things like a credit check and verifying their employment. It's also a good idea to get a drug test done at a lab like Clandestine Drug Labs. These tests don't cost a lot, and you can have your prospective tenants pay for it. By screening your tenants, you can increase your chances of renting your properties to the right individuals.
Collect Rent
As a property manager, you will need to be available to collect rent. While it is a good idea to give your tenants the ability to pay their rent online, you may need to visit their homes if they are late or have no other way to bring you the rent. After you collect it, you will also need to keep track of who has paid it.
Schedule Repairs
Rental properties often need some sort of repairs. While some of these repairs may be easy enough that you can complete them yourself, you may find that there are times where you need to hire someone else to complete them. After you schedule the repairs, you may need to be at the property to meet the repair person if the tenant won't be home during this time.
Handle Evictions
Unfortunately, many property managers have to handle evictions. If you have a tenant that stops paying their rent or has breached the lease, you will need to have them evicted as soon as possible. It's not uncommon for a tenant to try to stay in the property as long as possible. When this happens, you will have to file an eviction with the courts and possibly have a hearing with a judge and the tenant. This will end up costing you both time and money, but it will be worth it in order to remove the tenant and find someone that's more suitable for your property.
Property managers have a lot of responsibilities that they need to handle on a regular basis. Fortunately, many of them are able to bring in a substantial income and get a lot of satisfaction out of providing their tenants with a suitable place to live.