7 Smart Tips for Managing Rental Properties

Having passive income from renting out a house is the goal of many people because this is one of the ways to get rich quickly. But very few people know how to operate and manage rental properties effectively. The more rental properties you own, the more complicated problems you have to solve.

Here are some tips from real estate experts around the world to help manage these assets more effectively and easily.

Make a list of properties to manage

Rarely do individual landlords go to great lengths to keep a detailed inventory of their properties. Experts recommend keeping a running inventory of your rental properties to help you better manage your cash flow.

That will help you know which house has low rental performance and unstable cash flow. From there, you will have solutions to improve efficiency. For example, before a tenant's contract expires, you quickly find another tenant to fill the vacancy.

Creating a detailed listing of your properties also helps you get a better idea of your target audience. A house near a college campus will have a different tenant mix than an apartment in an office building. By carefully categorizing and tracking your properties, you can maximize your rental income.

Setting up a service provider network

You should have a list of reputable service providers near your property, from cleaners, plumbers to electricians... This ensures that if your home has an unexpected problem or issue, you can quickly find the right person without wasting time searching.

Remember, time is money. When you spend too much time repairing or renovating your home, it means that your cash flow will be slower, not to mention other expenses that arise.

Maintenance planning

Just like your vehicle needs maintenance, your home needs maintenance to retain its value. If you don’t maintain it properly, you’ll end up spending more money when it gets too old. So, you need a seasonal or annual maintenance plan. Don’t forget to budget for unexpected problems.

At this point you will see the importance of having a network of service providers as mentioned above or you can cooperate with companies specializing in full-service maintenance.

7 mẹo thông minh để quản lý nhà cho thuê - 1 — Experts advise landlords to create a detailed list of rental properties and utilize technology for effective management (Photo: Hong Hanh).

Take advantage of technology

Today, technology tools and platforms make managing rental properties extremely efficient. You can connect with tenants through intermediary applications, collect rent without having to go directly. Technology also helps you find tenants easily with just a few operations on the application or a few clicks on brokerage websites.

Screen tenants thoroughly

Tenants have a huge impact on the value of your rental property. If they are trustworthy, you can rest assured that your property will be well maintained and that you will receive your rent on time. On the other hand, irresponsible tenants often fail to pay on time, which can even damage the value of your property.

Therefore, screening tenants is important. You need to have your own criteria such as occupational characteristics, age, marital status.

Regular check

You should regularly check the condition of the rental property. This will help you verify whether the tenant is fulfilling the commitments in the contract.

However, it should be noted that even though you are the owner, you should not suddenly go to the rented house. You need to notify the tenant in advance as well as have a specific appointment with them.

Plan to visit rental properties that are close together, which will save time.

Cooperate with management unit

If you do not have the skills to manage rental properties or are too busy, the most effective solution is to cooperate with a professional operator. This cooperation will help you save time and effort. Of course, the profit will not be as high as if you operate it yourself, but you will reduce a lot of headaches.

For example, in Vietnam today, there are many individuals providing Airbnb management services for people who have houses for rent.

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