An owner recently came to see me about their property. They had several rentals and the portfolio was in disaray. Vacancies, deferred maintenance, many delinquencies, poor cash flow was the result.
The way to fix the problems was to implement rules and procedures and then follow through on them.
Let the tenants know when the rent is due and when late. If late, serve notices to pay or vacate. If not paid after that, evict. Most of the time, after the first eviction, the rest of tenants either pay or move voluntarily.
Inspect the units and get them fixed up to meet normal habitability standards. Keep the buildings in good repair.
Set the rents on vacancies at market rents that will get them rented to good tenants in 30 days. Lower them as needed to get the units filled up.
Sounds simple. Many owners do not have the systems and determination to see the job through. But, to be successful, the person running the property must have that resolve no matter where you start from.
I like property management because I have seen this systems approach work time after time.
You need a residential property management company that has property management services that can be customized for your home, rental, or rentals. We are a Certified Property Manager and a member of the National Association of Residential Property Managers.
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