Property Management Tips

Professional DIY PROPERTY MANAGEMENT Being a landlordisn't easy, especially For someone with a dayjob, but this is sometimes a hard lesson to learn. In an effort to save money, many landlords attempt to manage their properties on their own. Unfortunately, this could result in far more expenses and time than anticipated, leaving the landlord with large bills and unhappy tenants. As a DIY Landlord, the to do list can be extreme. Is it wise to take that all on yourself? TO DO LIST: O WORK WITH PM TO FINALIZE TENANT CHOICE O PAY FOR ANY NEEDED REPAIRS, let the property management company do the rest O UNDERSTAND BASIC LANDLORD AND TENANT RIGHTS O GET THE RIGHT INSURANCE FACT: As of March 2012, home prices are down more TO DO LIST: than 30% from their peak Leasing 30% O SET THE RENT- Identify similar units in the neighborhood and determine a rent that is comprable. O ADVERTISE- Advertise online and in the paper. Depending on the market, vacancies can easily last 2+ months, so be prepared to update your advertisements weekly to keep them at the top of online searches. FACT: More than 1.3 million foreclosures are poised to come back on the market as rentals PHONE SCREEN APPLICANTS- Before meeting inperson, it's important to vet the applicants during 15-30 minute calls to make sure they are suitable. O SHOW THE PROPERTY-Whether it be through openhouses or private showings, be sure tomake your property presentable. -100,000 foreclosures O SCREEN TENANTS- Background and credit checks are a must to ensure tenants take care of your property anc on time. Choose a tenant that you can trust and notify the others that they have not been picked. O SET LEASING POLICIES security deposit, and fees - Plan ahead to make sure all of these policies are set upfront. Maintenance O MAINTAIN BUILDING'S MAJOR SYSTEMS ON REGULAR SCHEDULE- From changing furnace filters to cleaning gutters, something always needs attention. O MAINTAIN LANDSCAPING- Beprepared to stop by on wee kends to mow the lawn. O MAKE MINOR REPAIRS- Whether it be replacing a lock or fixing a broken window, these "minor" repairs can add up. O CONTRACT WITH SERVICE PROFESSIONALS AS NEEDED-Is there a plumbing leak? Be ready with a trusted repairman for larger tasks. Legal Knowledge O Familiarize yourself with Fair Housing laws Learnhow to craft a loophole-free lease Answer Important Questions Properly: • What constitutes a safe, sanitary, "habitable" environment • Who is responsible for what repairs • Landlord's right of entry • How tolegally end a tenancy or conduct an eviction FACT: With an average ROI of 8+ properties are attracting many investors, including Warren Buffet 70, rental Administrative FACT: O COLLECT RENT-hopefully this won't be a headache. but sometimes chasing downa late payment is required. Keep records for accounting and tax purposes The average 1 bed apartment rent in UAE is Dh 58,000 PA. KNOCK KNOCK! Pursue the right tax strategy I Getting the right insurance Tenant Management Be available 24/7 to handle emergencies Returnnon-emergent phone calls quickly Dealwith lease violations Retain good tenants through incentives ロロロ