By David Beattie
1. Know your why. Knowing why you own property as an investment will affect how you respond to challenges and how you persevere through them.
2. Your property investment is a business, so treat it like one. A professional and organised approach to property management means better, more consistent performance for your property and a better home for your tenant.
3. Screening your tenants thoroughly is critical. Placing the right tenant who will pay their rent in full and on time each month and look after your property is the foundation for property management success.
4. Always do a joint move-in inspection. A written move-in inspection, done correctly and with your tenant, will mean you have a leg to stand on if your tenant causes damage to your property.
5. Treat your tenant with respect. A happy tenant is a better-performing tenant.
6. Stick to the rules. Be consistent in holding the tenant to what they agreed to in the lease agreement. Keep your side of the bargain too.
7. Put everything in writing. Arguing about who said what creates problems. Written agreements and written communication keep things simple and reliable.
8. Maintain your property properly. Be proactive in looking after your property. This will mean better growth in your asset over time, and will attract better-quality tenants.
9. Be consistent. Property management is about doing the simple things consistently month after month.
10. Always keep learning. Having a learning attitude will mean you’ll constantly get better at being a property manager, and you’ll stay up to date with changes in the market and legislation.
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