Management Tips for Investment Property
Helpful property management tips:
- Document all communication with your tenants! Follow up all phone calls with some kind of written communication confirming actions to be taken or decisions made. Keep copies of all signed notices that were delivered. It's even a good idea to take pictures when posting notices on doors. In the unfortunate case that you needed to file an eviction or were faced with a dispute from fair housing, this documentation will be crucial.
- Venmo is a popular app that allows you to offer electronic and credit card payments of rent to your tenants. It's free to receive money and free to send as long as money is transferred straight from their bank account. They change the sender a fee to use credit cards.
- Keep a rent ledger and document exactly when and how rent was paid each month. This will provide evidence if you ever needed to evict a tenant based on frequent late rent payments. It may also be requested by potential buyers if you list the property for sale.
- We developed an online repair request form to help track these requests. This can be easily done with the Forms app in Google Docs and provides some instant and automated tracking. Here is a link to ours as an example. Wassbeck Properties Repair Request
- When you're ready to make-ready your property for releasing, please contact us for advice and recommendations on making popular and cost-effective choices. We can even recommend contractors too.
- To prolong the life of your HVAC systems, provide the correct size air filters to tenants and ask that they are changed frequently. We also created an addendum that you can have your tenants signing making them agree to this.
-Lastly, here is a link to a Google Docs folder containing many of the forms you may need. Blank Property Management Forms Included in this folder are the following forms:
-Late Notice or other lease breach - This is to be used to give notice of late rent payment or any breach of lease.
-Notice to tenants of change in ownership or mngt. - Provide a copy to the tenants anytime that ownership or management of the property changes.
-Notice terminating right of occupancy - To be given anytime it is determined tenants' lease will be terminated.
-Notice of landlord's intent NOT to renew lease - To let tenant know that they will not be granted a lease renewal.
-Lease extension or renewal
-Lease amendment regarding tenant change - Use when adding or removing someone from a lease.
-Rodent Control Recommendations