If you're a landlord or just looking to make money with real estate, it's crucial to understand how to manage a property the right way. It's not just about knowing how to fix things when they break. As a property manager, especially as a first-time landlord, you'll be forced to wear many hats. How you manage that property is going to either make or break your chances for success.
Entrepreneurs have become obsessed with rental property and not just long-term rentals. The rise of AirBnB, and the eager rush to convert condos and homes into short-term, transient rentals has the real estate world reeling. If you're looking to get into the fray, heed the advice from property managers who are dominating the short-term rental game.
While short-term rentals are on a steady rise, long-term rentals have also long been a source of the Holy Grail of all income: passive income. Real estate is a prime example of one of the >best ways that we can create a passive income from a real-world asset that increases in value over time. The best part? Even if you put 15 percent or 20 percent down on a property, you still receive 100 percent of the rental income. Music to your ears, right?
Well, what's not so obvious or straightforward is particularly how you go about managing that property. If you don't have the time, no problem. Find a good, local property manager that can take care of all the details for you. If you have the time, and you're just starting out, then you likely want to save the hefty fee that often comes along with property management companies that take the reigns. But, you better be prepared to put in the time, because you won't find this easy to do.
While there are likely hundreds of property management tips for running a tight ship, so to speak, the following 15 tips are going to help you elevate your skill set. The goal? Expertly manage the entire experience. We're not just talking about finding the right tenants and charging the right price, but also in creating a healthy and vibrant environment where you're not looking to squeeze every last penny out of your guests or long-term tenants and that everything in the home works and isn't on the verge of failure or disrepair.
How you go about doing that will either set you apart in a good way or a bad way. In my conversation with Michael Joseph and Tom Feldhusen, co-founders of InvitedHome, I was given acute access into the world of property management by a pair who've built a small empire on true foundational values, leveraging the currency of trust while systemizing and digitizing crucial procedures over the course of a decade of growth.