People by now understand how important it is to invest in real estate. Well, they have started investing a lot in rental accommodations and real estate but they find it hard to track rental income or track property rent. It becomes hard for them to track these things as they have several properties to look after and take care of. There are ways by which they can do this with ease. For instance, they can seek help from Better Capital and get the best help for their real estate tracking and keep the reports of its income and rent.
It becomes hard for lenders to lend the property to strangers at times and when they are completely dumbfounded about how to go about it. They find themselves juggling with insurance, maintenance, collecting the rents, looking after the damage, and also looking after the non-payment issues. It does not sound fancy or easy but it can be made easy if you know how to deal with this situation. All that you are required to do is to know the do’s and don’ts here in this case. Once you have got the rental agreement signed, you now have a formal footing with your tenants. There are times when you will find that most of the tenants that you will be able to get along with, but you will also come across those who might not be able to give you a great time but act like a pain in your work.
All landlords and property managers can learn a lot about their property management and here are a few things or let’s say suggestions that they can follow in order to manage their rental property with ease.
Strategies that you can follow in order to manage your rental property
Make sure that you keep a track of collecting the rent
You can collect the rent payments either in a conventional way i.e by collecting the rent from each tenant or you can collect the rent electronically with debit cards or e-payments. It all depends on what is convenient for your tenant. You should make sure that you discuss the same with the tenant before getting the rental agreement signed. After the rental agreement is signed make sure that you do not change the methods of payment later on with the same tenant. The options that you can opt for are-
- Door-to-door collection of the rent from the tenants.
- You can get payment by cheque.
- You can get direct debit from the bank account of the tenant.
- Online payment by the tenant from his/her account to your account.
These are the methods that you can opt to keep a track of rental income. It will be good for you if you choose a standard method for all your tenants. Though collecting the payments from the doorsteps is a good idea but again the drawback of this method is that it is time-consuming and it will kill your time that you can use to invest in other properties.
- You can make use of third party contractors
You can make use of a third party for your rental accommodation management, for instance, you can seek help from Better Capital. While looking for the rental accommodation management party make sure that you look for the services that they offer. In addition to the rent collection service, there are chances that you might want property maintenance and repair to be taken care of so that you can invest your time in other properties. So, make sure that you look for the services that are given other than to track property rent.
2. Make sure that you look after regular maintenance
You should know that every property needs maintenance. For instance plumbing repairs to light fixture replacement. You can expect your tenants to call and report to you the issues if there are any throughout their residency in your property. To make sure that the maintenance is happening and is taken care of you can prepare for the following in advance.
- You should be prepared with a list of reliable local contractors.
- You should have a list of local landlords who might be able to help.
- You should have specific maintenance funds.
- You should schedule regular checkups for appliances such as AC units, water heaters, etc.
3. Make sure that you look after the accounting
Another aspect of property management is that you might not be known or familiar with the amount of taxes and other accounting information that you will be required to handle. Thus, in order to make your business accounting easy, you can follow the steps below.
- You can hire an accountant to help you with your taxes.
- Make sure that you keep a thorough record of all money spent on maintenance and other property upkeep.
- You can set up specific bank accounts for your business expenses to make sure that your personal finances do not get mixed with the business expenses.
- Make sure that you set aside money to cover your taxes and other fees that might surprise you.
These are the strategies that you can follow in order to manage your rental property like a pro. Though having several accommodations becomes tiring for an individual at times. So, in order to maintain and keep a track of rental income and rent you can seek help from a third party for your purpose and get the best help. Better Capital is known for the best in terms of tracking real estate investments. So, get help from the best and get rid of the stress of the rental properties.