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Property Management Tips for DIY Landlords

Property management can be an overly hectic process for rookie landlords to keep up with. With tight deadlines, tenant screening, contracts, and a ton of paperwork to contend with, landlords often find themselves looking for someone else to shoulder the burden.

But you can go the DIY path and be successful while at it. By implementing the property management tips in this guide, you'll be well on your way to becoming a successful DIY landlord.

First, what does property management entail?

Property management typically involves an occasional home inspection, responding to tenants' complaints, managing repair and maintenance schedules, preparing taxes, rent collection, and listing apartments to fill vacancies. If you're unwilling to hire a professional property manager, you must be ready to handle these day-to-day operations.

A property manager's responsibilities usually include:

Tenant screening to determine the best fit (which is one of the greatest challenges of property management)

Organizing contractual documents between landlord and tenants

Keeping up with landlord-tenant laws to ensure you never take steps that will put you in trouble

Collecting rent and notifying tenants of overdue payment

Paying bills

Taking care of repair and maintenance works while considering time and budget

Ensuring the property remains in a safe and habitable condition.

4 tips for managing your property DIY

Still willing to handle all of that yourself? If you have the time and confidence, why not? Plus, you'd be saving a whole lot of money by not hiring an expert.

With the property management tips for DIY landlords below, you'll do just fine:

1. Pay attention to preventative maintenance

A landlord is legally obligated to maintain the property to ensure it remains safe and habitable. Moreover, the home would be unappealing to prospective tenants if you fail to keep it in good condition.

Unfortunately, unexpected repair needs may surface, destabilizing your budget and swallowing thousands of dollars. But that can be avoided -- or significantly limited -- by scheduling preventative maintenance. As a landlord, you don't have to wait for tenants to complain about deterioration. It's best to be proactive and inspect the home to identify issues early before they escalate.

Regular inspection will help you identify when the following would be needed:

Fixing or replacing plumbing fixtures

Drywall patching

Lawn care

Exterior Painting

Pressure washing

Electrical repair, etc.

But how often should you inspect the property? We recommend inspection every 3-6 months during a tenant's stay. That will help you identify the property's condition at different points to know who's responsible for damages and repair.

2. Show human care for tenants

Tenant management does not end with rent collection. It doesn’t speak well if the only time you speak with tenants is when you remind them of overdue payments. Strong lines of communication are essential, and you must be ready to attend to complaints with speed. Treat them with respect and follow up after problems are resolved.

Being proactive about the common challenges tenants face will also help to build a better experience for them. In the long run, you won't always have to go through the hassle of filling vacancies because tenants are happy to stay.

That said, remember that it's a business relationship, so keep a record of communication and be stern about rent payments. You can take steps to avoid late rent payments by notifying tenants using property management software. Such software may also offer chat and online payment features so you can keep track of things on a single platform.

3. Always follow state laws

Even while showing care, you have the right to issue an eviction notice to any tenant who violates the agreement. But you must ensure you follow the state laws as you do not want to risk a legal battle you are likely to lose.

While dealing with tenants, you must also ensure you follow laid-out state regulations. Get acquainted with the local restrictions before taking steps as a rookie landlord. Obey all landlord-tenant legislation covering returning security deposits, selecting tenants, and eviction notices.

4. Self-manage using a property management software

Technology has simplified many aspects of our lives, including property management. Now, you can screen applicants, communicate with tenants, manage maintenance operations, and collect rent through easy to use property management software. This allows you to keep everything all in one place while making the tenant screening process much more automated.

Using software is a great way to self-manage your property if hiring a professional is not on your to-do list. You save money while learning the ropes. Just ensure you keep up with all state regulations -- perhaps have a lawyer guiding you -- and have all your tenants download the app for easy correspondence.

Conclusion

There are professions we need formal training for, such as medicine and engineering. But for property management, you can master the process while discharging your landlord duties. By following the tips above, you're sure to give your tenants an outstanding experience.