It might sound surprising, but managing properties is not only about real estate. The property management process includes finding tenants, conducting background checks, managing, and maintaining properties, collecting rent, signing leases, and checking all paperwork. These tasks are time-consuming and not as easy as they may seem.
Thanks to property management software, all these responsibilities are easy to manage. With TenantCloud, property managers and landlords can collect payments online, advertise vacant properties, and screen potential tenants in a matter of minutes. Our online tools will walk you through the entire managing process, ensuring everything is set up correctly.
We’ve listed every vital step for property managers and landlords to scale up and grow their real estate portfolios. The following checklist will help to improve all the internal processes of managing your properties.
Finding new tenants is the first step in managing a rental. Consider posting your listing on a specialized website for better performance. While putting up a "For Rent" sign and handing out fliers are still effective, broadening your search online can help because 91% of renters use the internet to find rental properties.
Property Management Checklist
We’ve listed every vital step for property managers and landlords to scale up and grow their real estate portfolios. The following checklist will help to improve all the internal processes of managing your properties.
- Set your rental rates. With a Rentability Report, you can compare your property with others before listing it.
- Post photos of your properties. Promote your property and attract more potential buyers by using high-quality images of its exterior, interior, and amenities.
- Market your properties online. One of the best ways to advertise available units and attract qualified tenants is to use a free listing website.
- Market your properties offline. Put up “for rent” signs, advertise in a local newspaper, or hand out flyers with your contact information.
- Schedule open houses. Future tenants want to see everything in detail, and a few photos are sometimes not enough. Consider adding a virtual tour.
Tenant Screening Checklist
If you've completed all of the above marketing steps, you should now have a large number of potential tenants to choose from. The increasing number of new tenants means that approximately 2,654 people enter the market daily. Because there will be more candidates to choose from, it implies a strict requirement for an efficient screening process that assists landlords in selecting premium leads.
- Create a rental application with questions regarding employment, finances, and personal history. Request the former landlord's contact information as well. Remember to indicate that by signing the application, they agree that you may conduct background checks (criminal history, credit, etc.).
- Ask pre-screening questions. Pre-screening helps you acquire better renters by allowing you to establish expectations for your leasing procedure early on. Asking screening questions is a frequently suggested part of the tenant application process.
- Run credit and background checks. A full check on an applicant will allow you to make an informed decision as to the quality and risk potential of your prospective tenants.
- Make a decision. Taking into account all of the information above, choose your tenants. After you’ve made your decision, get in touch, and schedule a move-in date.
Tenant Move-In Checklist
Here are some best practices for using a move-in checklist that landlords should think about:
- Clean and examine the rental property before tenants move in.
- Document the property’s condition by taking photos and videos before the renter moves in.
- Complete the move-in checklist with the renter, defining the distinction between reasonable wear and tear and severe damage.
- Review the lease's terms and conditions with the renter to help prevent any misunderstanding.
- Specify which conditions may lead to a security deposit being withheld.
Maintenance Checklist
Now that you’ve found a tenant, you’ll want to welcome them to their rental with a positive experience and have them stay for as long as possible. Here is a checklist for pre-move-in:
1. Write a welcome letter. Let them know you’re glad to have them as tenants and offer your help in case they need something.
2. Maintenance requests. Every time a tenant has an issue or problem, it’s your job to fix it, and TenantCloud can help! When an issue arises, a tenant will submit a maintenance request and you’ll receive a notification. They can also attach photos or files to help clarify the issue, so you don't have to waste time looking at it before putting a fix in place.
3. Collect rent. When tenants pay online with TenantCloud in a few clicks, it simplifies the process of collecting rent!
Tenant Move-Out Checklist
If a tenant decides not to renew their lease, it's time to start a move-out process. Make a list of all the repairs and, if necessary, use pet or security deposits. To avoid unnecessary stress, complete all maintenance before advertising your property again.
1. Choose a day. Schedule a date for the tenant to move out. Inform them of your expectations for the rental property's condition when they leave.
2. Conduct an inspection of the property when the tenant vacates. Compare the condition of the property before and after the tenant lived there.
3. Determine "wear and tear" on the repairs. This fee will be assessed to the tenant and deducted from their security deposit.
4. Prepare for the next tenant. Make all the necessary repairs and clean the property before renting it out again.
Happy Renting!
Having a management checklist can help you stay on track as you handle all the details of managing a property. These steps are not universal; other measures may be necessary as well, but this is a great place to start for happy tenants and successful property owners!
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