8 Property Management Tips to Try This Holiday Season
The holiday season is always a hectic time for homeowners. With so many people either looking to rent their homes out for the season or looking to rent from somebody, there are loads of factors to keep in mind.
When it comes to property management, the aspects you’ll be dealing with include management of the physical property, administration and supervision, as well as the upkeep. This pertains to everything from residential to business properties.
Although there is no foolproof plan to ensure completely smooth sailing, there are steps one can take in order to make sure the process is as seamless as possible. Your main concern from the outset is without a doubt the safety of your property, yourself and tenants. No matter what you’ve heard or believe, property management is certainly no walk in the park.
Our author Michelle Thomas (see profile) shared some tips to try this holiday season.
Communication & Relations
Though this may not seem as important at first, you’ll soon come to realise just how crucial having good communication skills is when renting a property. If you are able to communicate on your tenant’s level, you are far more likely to be able to reconcile discrepancies either party may have.
Good communication will breed a good relationship between two parties. This is essential for 2 simple factors. Should you be able to get along and form a good relationship with, are far less likely to treat your property poorly. They will often make sure that they are in fact taking care of the place rather than act with total disregard. As you can imagine, this will save you a ton in the long run.
Get a Management Team
Although this is not really a necessity, it definitely helps with the myriad of headache-causing scenarios you’re more than likely to experience.
If you are planning on hiring a management team, don’t skimp. This is essentially another investment you’ll be making and you want to make it worth it. Hire a renowned manager or company to handle. This may not seem worth it, but we guarantee that this will free up so much time.
It is definitely worth it if you take into consideration the following fact. Imagine being on your vacation and then getting a call from your tenant about an emergency, or even worse, your property has encountered some horrific disaster such as a fire. The management team will handle all of this for you, leaving you to enjoy your holiday in peace.
Getting your property inspected before tenants arrive is crucial for both parties. Many homeowners will choose to do the inspection themselves; however, we strongly advise getting a professional to do the job.
The reason for this is simple. Qualified inspectors are highly trained and as such, their expertise will have some benefits. For instance, they are able to identify potential problems, such as leaks, hazards and many others. This ensures that these problems can be addressed prior to the tenant’s arrival. It is vital that any problems are rectified so that any mishaps caused by the tenants during their lease, is their baby.
Consider Getting Insurance
Property insurance is vital for any homeowner looking to lease their property. Whether it be as a vacation home or a long-term rental, having insurance can save you loads in the future. There are many different types of insurance you can take out, from fire and natural disaster cover to the accidental death of a tenant.
It may seem a bit unnecessary at first, however, we assure you; this is probably one of the most important factors of property rental. No one would like to get back from vacation only to find their home a0nd everything in it has gone up in smoke. Insurance will provide you with peace of mind, something that all homeowners will tell you is priceless.
Choose the Tenants
The best way to go about finding the right tenants is by hiring a management team to do the hard work for you. The reason we suggest using a professional team is simple. Finding suitable tenants can often be a painstaking process. There are many factors to consider and this is often a time-consuming job.
Whether you’re renting for a holiday vacation, long term or buyers, the agency will do all the background checks necessary to ascertain the credibility of the potential tenants.
Lease & Contracts
Before anything can be finalized, the price of your property will need to be decided upon. This is determined by a few factors, including how much profit you wish to make, a fair price for tenants, location and nearby amenities are all deciding components.
Should your property be close to amenities, such as malls, schools and casinos, you’ll be able to raise the price a little. Real money casinos slots are highly attractive especially in Canadian casinos which are springing up all over the place. Having a property close to an attraction like this is guaranteed to increase the value.
Many Canadian prefer to play in online casinos because you don’t have to go somewhere. Being at home, using your card to fill up your account and just enjoy the game. That’s what many need.
Set Rules & Prepare For Emergencies
Setting rules for your tenant is self-explanatory and also a necessity. Obviously, it would be preferable to have rules that are not overly restrictive and suit both parties. Rules ensure that everyone in the area is happy and living in harmony.
Always make sure you have prepared your tenants for an emergency. No one wants it to happen but it is crucial you know they are able to handle the situation should the need arise. Ensure that all the relative safety equipment is in order.
Being homeowners has its ups and downs, but if you have chosen the right tenants, your life will be that much easier.