5 Property Management Tips for Landlords
In our latest webinar in a series exploring the impact of COVID-19 on landlords and real estate, Azibo CEO Chris Hsu hosted Kellie Tollifson, MPM® RMP® and President of the National Association of Residential Property Managers (NARPM®) to share her insights on how COVID-19 has impacted the property management industry. Kellie also discussed how landlords can screen for and work with property management to save time and money while growing their real estate rental businesses.
Here are some of Kellie's best insights and tips from this webinar:
- When determining whether to hire property management, the number one question landlords should ask themselves is "Are you willing to give up control of your properties?" If the answer is no, then they should continue to self manage rental property. If the answer is yes, they should hire property management and refocus their energy to other areas of business or life.
- Learning how to become less emotionally attached to her rental properties allowed Kellie grow as a landlord, property manager and small business owner.
- Property management contracts involve so much more than just the management fee. Landlords should be sure to ask about and understand their property managers' after-hours work policy, tenant screening criteria, and renewal policies, among other items.
- Landlords and property managers should always keep a three months' reserve cash account for emergencies and vacancies.
- Accepting pets can help differentiate a property and boost a rental's income. That said, if you decide to accept pets, be sure to have a clear policy and consider screening the pets with a service like petscreening.com.
These free webinars are part of the Azibo series "Helping Landlords Navigate the Impact of COVID-19." As the current health crisis takes its toll on the economy, independent landlords across the U.S. are wondering how they’ll make their next mortgage payment and navigate this uncertain time. We hope these free webinars provide the opportunity for landlords to have candid conversations with other members of the real estate community, learn best practices from experts, and apply strategies to stay afloat during these unprecedented challenges.