You’ve just bought your first home and are feeling a bit overwhelmed. You’ve gotten through the purchase process and are now ready to take on the responsibilities of being a homeowner.
Luckily, plenty of resources are available to help you with real estate management. Here are a few tips for new owners:
Real Estate Management Tips for New Owners
1. Define Your Priorities
Define your priorities from the outset. Once you know your priorities, you can put together a management team and plan that will help you achieve your goals. Regardless of your priorities, it is important to have a clear vision for your real estate ownership before moving forward.
2. Hire a Property Manager
If you’re a new real estate owner, one of the best pieces of advice is to hire a property manager. A property manager will help you keep your property in good condition, find and screen tenants, collect rent, and handle maintenance and repair issues.
They can also offer advice on how to improve your investment property. While property managers typically charge a percentage of your monthly rent, the peace of mind and assistance they offer is well worth the cost.
3. Create a Maintenance Schedule
Keep your home in good repair and make regular updates to maintain or increase its value. As a new homeowner, you may not be aware of all the systems in your home and how often they need to be serviced. A maintenance schedule can help you keep track of when to service different systems and components in your home.
This should include inspections of your home’s exterior, such as the roof, gutters, and siding. You should also have a plan for servicing your home’s HVAC system, including changing the air filter and scheduling professional tune-ups.
Creating a maintenance schedule will help you keep your home in good condition and avoid costly repairs. You can get more info on services to help you maintain your property.
4. Conduct Regular Inspections
Part of property management is having a regular inspection of your property.
First, it’s important to inspect the exterior of your property regularly. This includes checking for things like cracks in the foundation or damage to the roof.
Next, take a look at the interior of your property and check for any signs of damage or wear and tear. Pay special attention to areas like the kitchen and bathroom, where plumbing issues are more likely to occur.
Finally, don’t forget to check for things like pests or mold. These can be serious problems that can cause extensive damage to your property if left untreated.
Regular inspections of your property can help ensure that any problems are caught early and dealt with quickly.
5. Keep Detailed Financial Records
New real estate owners have a lot to manage, and financial records are one of the most important pieces of the puzzle.
Keep track of your income, expenses, and profitability so that you know where you stand financially. Stay organized to help you stay on top of your finances and make it easier to file taxes and track expenses.
Make sure to keep receipts, invoices, and other documentation for your records. This will come in handy if you ever need to prove expenses or income. You can use accounting software too.
Managing Your Property
If you’re a new real estate owner, it pays to create a system. By following these tips, you can be a successful real estate owner.
Be sure to check out the infographic below for more real estate management tips.
Infographic created by National Land Realty – land for sale in Alabama