Running a property management business is a long term investment. Finding multiple properties to manage is just the first step. To truly succeed, property managers Lakewood need to know these 4 tips that will keep them ahead of their competition as well as their tenants and owners happy long term.
Assign an Expert Building Manager
If your multi-level family unit does not have an expert property manager, your tenant’s experience will suffer. What is an expert building manager? Someone who is well versed in their responsibilities and understands tenant laws and requirements.
Finding Great Tenants
The goal for every property management company is to attract quality, long term tenants that will pay their rent on time and reduce financial risks. To accomplish this, make sure to properly advertise and to as wide a range of people as possible. Once you have great tenants, make sure you are doing the steps needed to keep them such as maintaining the building and their units.
Know the Law
It is essential for property managers Lakewood to have a detailed understanding of both their and their tenant’s rights. Although tenancy laws in most states are similar, it is important to have all current documents pertaining to the state your properties are operating in on hand.
Watch for Tax Benefits and Rules
Knowing what can be deducted for your business and what cannot is important to properly claim income and expenses on your tax return. Check with your state tax office or business accountant to get detailed information that relates specifically to your industry and don’t be stuck with a surprise tax bill at the end of the year.