Managing a property requires staying on top of many moving parts, but it doesn’t have to be overwhelming. At Tidewater Property Management, we’ve been helping property owners manage their rentals for 35 years. We’re here to give you tips for effective property management that will help you save time and increase the return on your investment.

Contact Tidewater Companies to learn more about our property management solutions in the Mid-Atlantic region.

Prioritize Tenant Screening

Tenant screening is a critical aspect of owning a rental property. Prioritizing tenant screening will help prevent financial losses, property damage, legal liabilities, and other costly, time-consuming issues that could result from a troublesome tenant.

Rental application forms are useful tools that help you collect information on an applicant and set expectations upfront. It’s also important to conduct background checks to verify details like income, credit report, renting history, and criminal record.

Stay on Top of Maintenance and Repairs

Proactive maintenance is one of the most important ways to care for your rental property. Proactive maintenance will save money on costly emergency repair jobs and high utility bills. It also prevents disruptions to your tenants, helps you discover unreported issues, enhances your property value, and improves your HVAC system’s energy efficiency.

Examples of proactive maintenance include:

• Regular inspections
• Changing HVAC filters
• Pest prevention
• Installing and maintaining smoke and CO detectors

Communicate Clearly & Consistently

Communicating clearly and consistently helps maintain renter satisfaction and ensures any issues are resolved in a timely manner. Utilizing online portals or sending regular reminders makes it easy for tenants to pay their rent, request repairs, or report issues.

You may also consider engaging your residents and attempting to create long-term relationships through monthly or weekly events, sending out newsletters, and proactively asking for feedback. Staying accountable means delivering on your promises, which fosters a better relationship with your tenants.

Optimize Rent Collection & Financial Management

When owning a rental property, there are so many things to keep track of that it can feel overwhelming. Automating repetitive processes can help save time and money. Using an online portal is a useful way to optimize tasks such as rent collection and financial management. Automating rent reminders, payment notifications, and online payment options can help streamline the rent collection process.

Portals also make it easier for tenants to connect with you, report issues, or request repairs. You can also optimize tasks such as staff recruitment, package and delivery management, lease renewals, and tenant screening.

Stay Informed on Local Laws & Regulations

Staying informed on local laws and regulations is crucial for managing your property effectively and legally. Laws are always being put in place to protect renters and hold landlords accountable for issues such as discriminatory practices, unjust evictions, exorbitant security deposit amounts, or hazardous living conditions. Keeping yourself informed on laws and regulations and following the standards they establish will protect you as a property owner.

Hire a Property Management Company

Hiring a property management company like Tidewater Property Management provides a resource tailored to your needs. At Tidewater Property Management, we offer superior property management and maintenance services that will help relieve the stress of owning and operating your property. We offer exceptional customer service and personal care to help property owners manage their responsibilities. Our experienced and knowledgeable professionals are here to support you with whatever you need to manage your property effectively.

Choose Tidewater Property Management as your go-to resource for all your property management needs.