As the leading property management firm in Las Vegas, the team at Triumph understand what it takes to build potential into every property investment. Here, we share some of these tips; tips that can make the difference between good management and great management.
- The first of our top 10 tips for landlords is that prospective (and current) landlords should understand their market. Landlords should be aware of the legal framework wrapped around their property; laws that aren’t just local, but also laws that come from state and federal legislation.
- Against this backdrop, landlords are now prepared in real and serious property management. Their next focus should be on tenants – how to procure the very best tenants, as well as how to keep these quality tenants for the long-term.
- Property management is, after all, about maximizing income potential; a goal that should always stay in focus. There should be no shortcuts or slips, no detours or distractions. The focus should be clear: to manage the property both efficiently and effectively.
- Try to think about property management as a business. This means adopting a professional manner and tone at all times – dealing with queries and complaints from tenants in a mature and productive way. By sticking by your tenants and fostering trust, tenants are more likely to renew their lease – saving you time, hassle and cost.
- Landlords also need to engage in negotiation and conflict resolution – either with a tenant or a group of tenants. Landlords should be able to deal with people, knowing how to overcome their anxieties as well as understanding how to come to an amicable compromise.
- Landlords should also empathetic. Landlords shouldn’t be distant, apathetic owners. There are times when landlords should have a heart just as much as a head. This may be necessary when, for example, tenants face grievous circumstances – such as a death in the family, resulting in a delay in rental payment.
- Landlords also need to be confident and resolute, carrying out the terms of the contract in a fair and reasonable manner. If tenants aren’t complying with rental payment, for example, landlords should issue multiple warnings (with associated penalty fees, if necessary) rather than resorting to an immediate eviction notice.
- And this leads us onto the limitations of what landlords can and cannot do. Though they own the property, landlords are not the ultimate arbiter of how to deal with unscrupulous tenants. Laws are in place to protect both landlords and tenant and both sides should know, in advance, where they stand with respect to these laws.
- Finally, landlords should know their tax, insurance, and health and safety obligations – and to deliver on each and every one of these. Landlords should keep a keen eye on the tenant contract, detailing valuable items and their current condition. They should then present the property in a professional, compliant manner.
These top 10 tips for landlords are just the beginning – but they are tips that, when properly implemented, build quality and efficiency into their property and, most importantly, help to maximize income potential for each investment.