Being a landlord can be quite a difficult task, especially if you’re just starting out or if you have multiple properties to manage. In fact, property management could actually make or break your real estate investment! To ensure that your property management skills are up to the mark, make sure to follow these 7 property management tips for landlords.
You should have a screening process so that you can actually find quality tenants who will treat the property like their own and pay the rent on time. During the screening process, check their credit score, ensure they have a good rental background and check for any criminal history.
There is a lot of paperwork that is required when it comes to rental properties. It is highly recommended that you outsource your paperwork, streamline your financials and get a financial expert to do your accounting. There are quite a few property management companies in Qatar that you could outsource your paperwork to.
As a landlord, you need to understand the local laws. From land tax to paid parking, you need to know everything. Most importantly, you need to know the landlord's rights and the tenant's rights in case of any dispute or disagreement.
Whatever you and the tenant agree on should be written down and signed by both parties. This can include the decided upon monthly rent, the date of rent payment, items that come with the property and anything else that you and the tenant have agreed upon.
Everyone loves convenience; nothing is more convenient than paying your rent online. You could ask your tenants to set up scheduled payments for their monthly rents – this ensures convenience for the landlord and the tenant.
To prevent the risk of any potential damages (which might cost you in the future), ensure that you schedule routine inspections to maintain your property. Check the fire alarms, smoke detectors, plumbing, doors and windows, electronics etc to make sure that everything is working properly.
Tie up with professional cleaners who will clean the place before a new tenant is about to move in. Maybe before open-houses and tenant visits too. In the long term, a contract with professional cleaners will save you lots of money.
(Written by Sophie Baxter)
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