Regardless of whether you are a first-timer or a seasoned landlord, managing rental property is not always as easy as you might expect. It doesn’t matter whether you own the best condos in Singapore if you’re not able to manage it well. The good news is that once you find the right strategy that works, it should be smooth sailing from there.
Keep reading to learn effective property management tips that will ensure a positive experience for both you and your tenant.
1. Conduct Property Maintenance Regularly
It won’t matter how good of a location your property is if the premises are poorly maintained, as that is a huge turn-off for potential tenants. Lower quality properties would naturally attract lower quality leads, and that is a situation you should avoid.
It is also more cost-effective to meet maintenance needs on a regular basis rather than putting it off and risking having a costly emergency issue that requires your immediate attention. Nevertheless, the cost of these frequent fixes can add up quickly and you might be concerned about the heavy burden of the cost. The good news is that there is a solution to this, so keep reading to learn more.
2. Screen Tenants Before Renting Out Your Property
It may be tempting to rent out your property as soon as possible to receive rental earlier, but it’s actually more practical to take some time to carefully screen tenants. This step is extremely crucial as the quality of the tenant could make or break your leasing experience.
Conduct a background check and ensure that the potential tenant does not have bad credit or criminal histories. Identify some qualities of your ideal tenant and ensure that you pick the right tenant with consistent payment behaviour and no outstanding debts.
3. Communicate Well With Your Tenant
When it comes to communicating with your tenant, you’ll want to be transparent and easygoing. It is likely that you will be working with them long-term, hence building trust in the early stage is crucial.
First and foremost, you should always be upfront and truthful with your tenant. By setting and managing expectations from the beginning, you’ll be able to avoid potential conflicts down the road. You’ll also want to be easily accessible to tenants at reasonable hours, and ensure that you inform them in advance if you will be unreachable during a certain period.
Fostering smooth communication is key to building good working relationships with tenants and will ensure a smooth rental experience in the long run.
4. Hire a Property Manager
If you follow all of the steps above, you’re one step closer to having a smoother leasing journey. However, it will likely take up a lot of your time and energy, and it’s nowhere near the ideal “passive income” life we all strive to have. That’s where a property manager comes in.
A property manager manages day-to-day matters with the tenant throughout the entire journey – pre, ongoing, and post rental stages – so that you as a landlord don’t have to do a single thing. In other words, you get to enjoy a true passive income lifestyle!
Besides helping you to vet through potential tenants, property managers also help landlords to collect rent payment on time, arrange for repairs and maintenance, assist with tenant concerns, and more. The best part is that property managers have strong industry connections when it comes to maintenance needs — that means they are able to get much cheaper quotes from top-notch vendors.
Ready to enjoy passive income? Consider working with the property management experts at Buycondo.sg, where 95% of clients get high-quality tenants within 1 month and save up to $5,000 in expenses.