Rental Property Management Checklist
– Jacksonville, FL
Once a rental property has been acquired, your next step as a first time investor is to think about effective rental property management to ensure that your investment is protected. Here is a thorough rental checklist that should help keep your property affairs in order.
☑ Attract New Tenants
The process of successfully managing a property starts with finding people who will qualify as tenants for residential or commercial rental. After determining your rental rates, create a distinguished rental ad that will attract people’s attention. The ad should include professional pictures, specific unit details, and a contact number where you can be reached. The unit can be marketed online by using sites like Craigslist, Postlets, and vFlyer and offline by placing a “For Rent” sign on the property.
☑ Complete the Screening Process
In order to ensure that you are attracting the right tenants, you will need to ensure that your screening process is thorough. Before showing potential tenants the unit, consider talking to them on the phone first so that you can gauge their needs and interests. If you think that your unit will meet their needs, invite the potential tenants to view the property. While you can schedule one-on-one showings, scheduled open houses may be more effective. When the showing is complete, encourage the interested parties to fill out a rental application. Most rental applications are about $35. The screening process should also include a criminal, credit, and background check as well as a phone conversation with the applicant’s previous landlord.
☑ Schedule a New Tenant Orientation
If you have decided to accept the new tenant based on your consistent rental standards, schedule a meeting to complete the lease signing and discuss a move-in date. Often referred to as a new tenant orientation, the meeting is where you will make a copy of the tenants’ driver’s licenses, collect the security deposit, and obtain first month’s rent. The tenant will sign important documents detailing the pet agreement, tenant and property management team emergency contact information, W-9 form, move out charges, utility transfer agreement, and lead based paint notification. After the lease is signed, you should make copies of everything that way you can give a copy to your tenant and keep a copy in his file at the office. A copy of the lease can also be stored in the rental management system. The orientation will end with handing your new tenant the keys to his/her new place.
☑ Keep Tenants Happy
The best landlords are ones that make sure that their tenants are satisfied with their unit. Every couple of months or so, you should call the tenant to see how things are going. Make sure that you document every tenant communication. If a tenant reports an issue with his unit, a work order should be issued and the problem should be fix immediately. As a super great landlord, you should also walk through the unit at least every quarter to ensure that there are not any property maintenance or repairs needed. Along with repairing problems in a timely manner, giving rewards to those who pay their rent on time will also create happy tenants.
☑ Follow the Move-Out System
A renewal reminder should be sent out 90 days before the lease ends. For the tenants who have decided not to stay, complete a move out inspection. The inspection should take into account normal wear and tear in the unit, but include pictures of problems areas that will ultimately be charged to the tenant. After mailing out the security deposit checks, you should be taking steps to quickly turn around the property so that you can attract new tenants as soon as possible.
Managing a property well is a lot of work, but you don’t have to carry this rental checklist burden alone. Based in Jacksonville, Florida, Traditions Realty can be trusted as your rental property management company.
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