Property investment can be extremely rewarding. But the right mindset is crucial

Investing in property is an exciting and challenging venture, and it can also be a financially rewarding one when you play your cards right. There is a huge platform now for buy-to-rent landlords, with the majority of the 22 million households expected to form by 2030 being renters, according to Buildium’s Renter’s Report.

Of course, property management has an integral role to play in any successful property investment. It can involve everything from grounds-keeping to handling tenant issues to making sure rent payments come in on time. Without effective property management, renting out properties can quickly become stressful rather than successful.

If you’re an investor with a property, or properties, to your name, it’s important to brush up your property management skills or have a team in place to take the strain if you prefer a hands-off approach.

Here are the critical considerations involved in ensuring the smooth running of any successful property portfolio.

Get familiar with your properties and your tenants

Despite being made of firm bricks and mortar, properties never stand still. Things are always changing in homes where people are using its facilities every day, and issues are bound to arise. If you’re inclined to manage your properties personally, a close eye is always required to nip any issues in the bud before they become too big and too costly. Similarly, it’s important to make it clear which issues are your responsibility and which aren’t.

Perform regular inspections of your properties and the surrounding area so that you know them inside out: checking fire alarms, HVAC systems, emergency doors, guttering, radiators, windows and more.

On a similar note, you should also get to know your tenants. By striking up a good relationship with the people living in your properties, you’ll save yourself from potential headaches and disputes down the line. Be fair, and listen to their concerns when they are raised.

Alternatively, instruct a property management firm with a proven track record for handling tenants with the care and attention that’s required.

Keep a clear set of policies

The best way to start on good terms with your tenants is to make your policies abundantly clear from the get-go. This eliminates any risk of miscommunication and ensures that the rules are laid out for everyone to read and understand.

Make sure these rules are provided before tenants are required to sign the lease. This will create a transparent relationship while advising you on plans of actions and protocols should any issues arise, such as if any damage is done to the property.

A property management agency can support you on outlining these policies where appropriate.

Make your office hours known

Let your tenants know when you are available and when you are not. By establishing business hours, you can benefit everyone by eliminating any confusion and frustration. Again, this is much easier to structure if your point of contact is an experienced team of property management experts. Tenants will know that they can contact a professional within given hours, providing both them and you with genuine peace of mind.

Ask for help when you need it

Property management requires a huge amount of commitment, time and energy, so it’s no wonder that many investors struggle to do it single-handedly, especially if they have multiple properties in their portfolio. Outsourcing your property management needs to experts like Atlas Lane Property Management in DC is increasingly common because it offers a valuable safety net and a constant source of support. What’s more, it can also provide your tenants with a port of call that they can contact whenever they need help, ensuring everyone is happy.