CHAPTER 13 Ongoing Property Management You have successfully landed your first tenant. It’s been quite the process getting there, and while you should celebrate your success so far, it’s not over. In fact, it’s really just the beginning! Chapter 12 will talk about ongoing property management—which essentially means managing your property while the tenant is living there. So how do you go about this? Here are five areas that you’ll need to cover.
COLLECT RENT EVERY MONTH
First, collect the rent every single month. Make sure you get paid, you get paid on time, and you get paid in full. This is the main point of renting out your property—some extra income so you can make a bit of a profit, and/or cover your mortgage payments and expenses associated with owning the property. Don’t forget that some of the money coming in should be saved for repairs to the home and all of the upkeep. Collecting the rent should be your first priority in ongoing property management. Otherwise, what’s the point?
HANDLE TENANT COMPLAINTS
Property management also involves handling any tenant complaints. If your tenant complains, address the complaints. If the complaints are legitimate, then deal with them and resolve them as quickly as possible. Maybe the tenant has a complaint about something on your property that needs to be fixed, or maybe they can’t figure out how something works, or maybe they have a complaint with a neighbor—whatever it is, hear them out 98
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