Property maintenance is an integral part of property ownership and management. If you have rented out your property, it is important to maintain a proper record of tasks entailed in property maintenance, with details about task description, time of completion, costs, etc. Documentation of property maintenance tasks can be in the form of excel sheets, computer databases, maintenance management software, and paper notes.

Are you looking for a reliable property manager to overlook the care and maintenance of your rental property? If yes, there must be lots of questions in your mind about the role and responsibilities of a property manager and how to make the best choice of a property management company.

A well-drafted lease renewal letter is instrumental in retaining quality tenants. A lease renewal letter is to be offered to existing tenants before the termination of the current lease. The purpose of the renewal letter is to highlight changes in an existing lease and to give an existing tenant an opportunity to renew the lease. Before drafting a lease renewal letter, it is important to have an understanding of current market trends, your state’s owner-tenant laws and more.

Before investing in real estate, one needs to understand its economic implications, geographical factors and potential risks. Having a good understanding of real estate and its mechanism can help you make well informed rental investment decisions. With a wide variety of residential rental properties such as apartments, townhomes, single-family homes, etc. available for purchase, it is imperative to select a property that aligns with your budget and business goals.

To maintain a rental business, one needs to hone excellent planning, coordinating, budgeting, marketing, and communication skills. Effective rental management helps to grow your rental business portfolio while ensuring higher ROI.