Property Management News And Updates

How to Get Started in Property Management

November 20, 2013 by Tagged with:
Posted in: Property Management Sacramento

Property PanagementProperty management can be a relatively easy job or a difficult one. Rental properties or apartment should be managed by either the agency, the owner, or an individual manager. The means by which an individual learn to manage a building or other property makes it easier to do as he or she progresses.

Find a job in the office of a large apartment complex. No matter if you get a job as a receptionist, application taking or reference checking, you’re learning to manage property. Looking for a good tenant is the most important part of managing a property. If you have good tenants, management is very easy. Consider a few factors when looking for tenants.

  • How many people will lease the property? How old are they? Do they have jobs?
  • Always check references and read a lease application carefully.
  • Conduct a credit check. Determine what credit score you will consider before letting the tenant sign a lease agreement.
  • Check employment. Did the prospective renter tell the truth on his or her application? If not, you may decline the lease. If you work in property management at a large apartment complex, you will usually live on the premises for free as part of your salary.

Get a job in a spot rental agency. A spot rental is typically a resort property and is leased for a few days at a time. An agency represents several properties for many owners and usually deals with the headaches of property management. Vacationers usually pay in advance, so that problem is resolved in advance. Also, vacationers expect the property to be in good condition, so hire a few people (janitors, electricians, carpenters and plumbers) to keep the property in tip top shape. If you don’t do a reported repair, you might lose repeat customers.

The most difficult way of getting started in property management is to purchase a piece of rental property. Learning how to manage a property in this way is usually baptism by fire. Your most important job is finding good tenants. After that, it’s collecting rent. Make sure you have a well-written lease and stick to it. Be sure that the rent is paid on time and you should specify and collect penalties for late payments. Ask a deposit to cover repairs if the renter leaves the place in bad condition. You have a responsibility to the renter to keep the property in good condition, so unless you can repair it yourself, make sure you have someone who can do repairs for you.

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