Property Management Checklist - How to Use Systems to Manage Your Properties
Planning on keeping any properties as rentals or offering your properties on rent to own? If so, you will find a property management checklist invaluable for keeping track of your rental properties and all the extra things required to properly manage your rentals.
First, you will want to manage all the bills associated with your rental properties.
Some you may want to set to be paid automatically.
Others you'll need to manually pay.
Second, you will need a system to collecting, tracking and processing incoming rent on your properties.
Systems for dealing with a variety of rent related issues like late rate of eviction are covered here.
Third, managing the actual leases on your rental properties needs to be addresses.
When are leases due to be renewed? There are systems for dealing with lease renewals.
Addressing lease renewal upstream prevents challenges and vacancies later.
Have a tenant that has moved out? Or have a tenant that has given you proper notice and is planning to move out soon? Fill vacancies quickly with systems for dealing with vacancies.
Reducing vacancy time increases cash flow.
From time to time-even with rent to own properties where the tenant-buyer is supposed to handle most of the maintenance issues-you will need to deal with maintenance on your properties.
Use the maintenance systems for working on those.
What about regular contact with your tenant-buyers to encourage them to get their financing in place to buy the house and convert your rent to own tenants to buyers? You will need to use systems for making sure you are helping your tenant-buyers are working on buying and not just renting.
First, you will want to manage all the bills associated with your rental properties.
Some you may want to set to be paid automatically.
Others you'll need to manually pay.
Second, you will need a system to collecting, tracking and processing incoming rent on your properties.
Systems for dealing with a variety of rent related issues like late rate of eviction are covered here.
Third, managing the actual leases on your rental properties needs to be addresses.
When are leases due to be renewed? There are systems for dealing with lease renewals.
Addressing lease renewal upstream prevents challenges and vacancies later.
Have a tenant that has moved out? Or have a tenant that has given you proper notice and is planning to move out soon? Fill vacancies quickly with systems for dealing with vacancies.
Reducing vacancy time increases cash flow.
From time to time-even with rent to own properties where the tenant-buyer is supposed to handle most of the maintenance issues-you will need to deal with maintenance on your properties.
Use the maintenance systems for working on those.
What about regular contact with your tenant-buyers to encourage them to get their financing in place to buy the house and convert your rent to own tenants to buyers? You will need to use systems for making sure you are helping your tenant-buyers are working on buying and not just renting.
