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Three Tips for Managing a Rental Property

Managing a rental property can be demanding and time-consuming. Property investors can choose to hire a property manager to take care of all the issues

Three Tips for Managing a Rental Property

Managing a rental property can be demanding and very time-consuming. Property investors can either choose to hire a property manager to take care of all the day-to-day issues and tenant complaints. This option comes at an extra expense as you will also need to pay the property manager.

Many property owners/landlords also choose to take on the maintenance of the property themselves. While it can save you money and let you be more hands-on, it can become quite daunting if you have no experience in managing a property.

Keeping the property in good condition means fewer repairs are needed are in the future, and it also increases the value of your property. Your tenants are also required, by law, to have a safe home to live in.

If you are a first-timer or even an old hand at maintaining properties, here are some tips to help you.

Carry out regular inspections

Make sure you inspect the property before the tenant has moved in and once again with the tenant.  Keep a list of any snags and repairs undertaken and use it when doing another inspection when the tenant moves out. In this way, you can prevent the tenant from claiming that damages were there before they had moved in.

Invest time and money

When you let out a property, you must be prepared to take on the costs of any maintenance and repairs. You must also be willing to spend time on maintaining the good condition of the property. Put aside enough money to cover emergencies especially if it is an older property that would require more work.

Don’t cut corners

It may be tempting to go with the cheapest renovator or tradesman to maintain your property, but this can result in a shoddy job. It can also be a safety hazard for your tenants if the job is not done correctly.

Shop around to find both reputable companies or tradespeople at an affordable price.

Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.

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