An Effective Property Management Checklist for Successful Landlords
Whether you are new to managing a property or you have been at it for a while, a property management checklist can help you in making sure your residents are happy. The responsibilities you have as a landlord may be overwhelming, especially for your property in Central Florida.
The demands are almost left and right – from the residents who are requesting some repair work to you suddenly getting an increase in repair requests in the evenings and on the weekends. The HOA in your subdivision may be pressuring you to maintain compliance with the properties you are managing in their subdivisions.
To make things easier, you can create a property management checklist. Take time in making the checklist which you can begin in an uninterrupted time in your day. During that time, you can list everything you do every day, week, month, quarter, or year.
Once you have a long and exhaustive list that details your job responsibilities, you can organize them into different sections that you can choose based on your time. For example, you can divide them according to when you perform them, whether daily or monthly tasks.
You can also break them down based on the classifications of your tasks that should be addressed, such as attracting tenants and making sure vacancy rates are low. All these things can be pretty staggering, especially if you have a few properties to manage and there are many tenants to please. Thankfully, a property management company can help keep you focused on your landlord duties.
When you hire a seasoned and experienced property manager, he or she already has a daily, monthly, and yearly process for maintaining and managing your property. A well managed property ensures your tenants’ satisfaction, which means consistent cash flow. At American Dream Homes, we have an exhaustive checklist from marketing your property, to finding highly qualified tenants, and managing your property to ensure your home is kept to the highest standard for both you as the landlord and your tenant.
Here is a sample property management checklist:
Marketing
- It is crucial to present the properties correctly, mainly because you have a lot of competition in Central Florida.
- A photographer may be hired to take photos of the properties. If on a budget, you can use a good camera to produce stunning pictures that will entice tenants to choose you.
- With the photos captured, marketing the properties online is much more convenient. Several sites exist where you can advertise your home to find potential residents.
- Marketing should not be online only since it should also be present in the offline world. Putting up rent signs and paying for advertisements in local publications are still viable forms of offline ads. Distributing flyers that come with the information of the units and your contact information can also help.
- Open houses are also beneficial since most people would want to see everything for themselves.
Tenant Selection
- When marketing is complete, and some potential tenants want to lease, it is important to conduct the necessary background checks, employment verifications, and looking into past rental history.
- Typically, the first step is to show the unit to the candidates. Let them know about the requirements, along with the restrictions on living in the home or apartment. Be sure to ask questions about employment, income, and whether or not they have pets.
- If possible, reach out to the past landlords. From there, it would be easy to determine whether the landlords were satisfied with their stay and inquire what may have gone wrong.
- Checking the credit history as well as their background is also vital. These pieces of information will help make an informed decision regarding the quality and whether or not these tenants have high-risk potential.
- Finally, it is time to make a decision. Be sure to have a signed Florida State approved landlord tenant contract for both you and the tenant to sign. After that, it is time to get connected and schedule the date of when to move into the unit.
Tenant Orientation
- In this part of the property management checklist, it is significant to ensure all documents are ready.
- It would be helpful to provide contact info to the local cable, internet, and utilities companies for your home. If there are any specific items in the home that need to be regularly maintained by the tenant, please go over that as well with the tenant.
- If needed, a pet agreement should be signed.
- Rental rules should be outlined, and the renter should receive a copy of the document.
- The tenant should also have the keys and garage door opener.
- The renter should also have the contact information of the landlord, and emergency contact if it is not yourself.
Tenant Maintenance
It is your responsibility to maintain the property per Florida legal statutes so that your tenant has a well kept residence to stay in. Keeping your tenants happy is fundamental in establishing a long term landlord tenant relationship that is beneficial for both parties involved.
A welcome letter can make the tenant happy as you let them know you are glad to have them on your property. In the letter, you can offer some assistance to the renters in case they need it.
If there are problems in the unit, you should be ready to fix it. At American Dream Homes, we use a state of the art online platform where the tenants only need to submit a maintenance request, and the landlord will receive a notification about it. The tenants can also send some photos and add more details about the issue so that there is as much information as needed to start the process for the repair.
As the landlord, consider what system you will use to keep track of your maintenance requests for your tenants and the best way for your tenants to contact you for repairs.
Collecting rent is easy if you do not have infuriating tenants who do not pay on time. This is why screening them is critical, so you do not have potential headaches throughout their lease period. Having an online payment system or automatic bank drafts would be ideal for your tenants. Our property management company uses an online rent collection software, which allows tenants to pay online with just a few clicks. We also have our tenants enroll in rent protection insurance, in the event tenants can’t pay their rent, the landlord can rest assured they will continue to receive their rent through the insurance company.
More Tasks
- From administrative tasks to creating a financial plan to deciding how you’re going to fulfill maintenance requests are all items you need to have in place when managing your own property.
- Create letter templates, which can help save time in the future.
- Make sure all records are maintained.
- Respond to all calls or emails from the residents and create a file about each of them where all the signed documents are in it.
- Track the progress of work orders and guarantee that they are all addressed promptly.
- Schedule regular maintenance and visit the property at certain times of the year.
- Ensure all the taxes are paid. Tax forms should also be completed.
- Have the right licensed contractors for each maintenance request that requires them.
You can find a property manager in Central Florida that you can count on as long as you choose him or her wisely. Select one with a good reputation, is responsive and ready, and has reliable marketing techniques and knowledge. You can never go wrong with these traits, especially if you need help as you purchase an investment property.
If you would like to consider investing in the Central Florida market or would like to find out more about our property management services, please give us a call! (407) 382-8100