How You Can Manage Your own Warner Robins Rental Real Estate
Warner Robins Georgia property management is a trick that takes some thick skin and practice. One rental property is a good start, but if you have many rentals, you may need to start slow and take on more as you get practice. Start with these tips.
Your First Investment
The first rental real estate investment in Warner Robins Georgia usually will be your own home. Most future landlords buy a new house and rent out the one they are leaving. This a good way to start learning Property management. If you already have a couple houses managed by a property manager and are looking into saving money by managing yourself, then you may want to try taking over one house first before you do something you will regret.
Proper Financial Management
Keeping up with the money is even more important now that you are doing it all yourself. Make sure to document, document, document. You will not get a clean monthly report like you used to. Chances are you may need to sign up with an online management system to keep up with your records.
Even though you are managing your own property, you still have to get paid for your time, right? Make sure to keep the property management fees included in your figures. That money is still paying the PM, even if it’s you.
It is important to do research on your first and successive Warner Robins real estate investments. It will be just important (if not more so) to study and research being a Property manager. A rental property investment is only as good as the manager. Keep up-to-date with the latest Fair housing issues, current landlord-tenant laws and latest techniques of managing rental properties.
Begin rental Management Cycle
Now that you have your first Warner Robins rental property in your hands to manage, you can start marketing it (after you get the house rent ready, of course). You can put signs in the yard, list your rental property on the local online listing sites and put up flyers at your local community centers. Now you have people calling, wanting to see this nice rental property your managing.
It’s now time to show the house. We highly suggest doing a group showing at a certain time, once or twice a week. This will save you hours of waisted time from no-shows and tire kickers. This also forces people to see other prospects that want the house and encourages those that are serious to get an application in.
Once you screen all the applications and accept your new tenant, you will go over the lease and get the first month’s rent and deposit. If you got a good tenant that will take care of your Warner Robins rental house, it is time to look for your next middle Georgia rental house.
Managing your Second Ga.
Same as before, you will need to market your new rental house to get it occupied and rented so your Warner Robins investment can start producing income. You can only charge as much rent as the market will allow for that house in that neighborhood. If that does not cover your mortgage payment… you should have read this article before you bought your rental house.
When managing your new rentals, make sure you are available when the tenants call for repairs. The fastest way to loss a tenant is to not call them back and not repair anything. Making sure your rental is in good working order is part of a property managers job. It is a very good idea to have, at minimum, a handyman, plumber and an AC technician you trust in your phone list to call when you need them.
Managing the disputes of your Georgia rental
Sooner or later, you are going to have a disagreement with your tenants. Property managers get paid to handle disputes and settle uncomfortable situations too. You, as a property manager, will have to settle complaints about non-performance on your part, disagreeable neighbors and other uncomfortable situations.
If you and the tenant can’t resolve the situation, you may have to evict the tenant. Luckily, a property manager can complete an eviction in about a month, but it will still be costly in time and money. It is sometimes better to be a good property manager by letting a tenant go then push a bad position. If it comes to an eviction, execute it soon. Don’t wait.
Remember, either you or the tenant is always being trained.
If you’re thinking that managing your own rental properties is more than you originally believed, contact us.
Call Double D Property Solutions today at (478) 256-9947 or send us a message to discuss these methods and other ideas of how anyone can get started with Warner Robins real estate investment!