There’s more to managing rental property in Middle Tennessee than just sticking a “For Rent” sign in front of your rental and collecting rent. Here are 4 tips for Murfreesboro Property Management from Murfreesboro’s RPM Rental Solutions to help you rent to good tenants who pay on time and take care of your property. Real Property Management Rental Solutions strives to help improve Murfreesboro landlords’ cash flow from their rental investments.
1. Screen your applicants
To begin, in the excitement to have your Murfreesboro property rented, don’t get caught up in letting the first person with cash in hand sign a lease for your rental home. Professional property management companies know to take the time to screen each potential tenant carefully. For starters, credit checks are a clue as to how well a tenant pays bills, and how much debt he or she currently has to balance with income. Vital background checks can reveal criminal behavior. References from employers and especially former landlords are a big help. Check the income of the rental applicant carefully and verify it. Income of a tenant should be at least three times more than the unit rental cost. These are just a few of the things you will want to look for, and we can help you find more.
2. Legally protect your rental investment
In addition, do you know all the laws related to leasing and renting property? A Murfreesboro investment property owners’ one legal mistake can completely drain the cash reserves. Understand fair housing rules and make sure you are not discriminating against race, religion, service animals, and other protected groups. It is always a good idea to have an attorney read through your lease before offering it to a tenant. There are several important items that should be in every lease. There are also many laws regarding tenant’s security deposits, including placing the security deposit in a separate non-interest bearing escrow account and telling the tenant the name of that bank. Consult the Tennessee Uniform Residential Landlord and Tenant Act to learn more about these rules. RPM Rental Solutions knows how to properly comply with those laws to help you avoid costly legal mistakes.
3. Simplify rent collection and maintenance requests
Rent collecting is the ultimate goal of owning rental property, and you will want to make sure it is easy for your tenant to pay you. The rent collecting process can be made easier and more regular with an experienced Murfreesboro property management company on your side. Online payment options and online tenant portals giving access to 24 hour a day, 7 days a week, is a great way to make on-time payments and maintenance requests easier. RPM Rental Solutions even provides a phone app, complete with access to leases, automatic receipts for rent payments, and access to payment ledger and autopay features, and maintenance requests with photos. When a tenant moves in, a clear understanding of a firm but fair payment policy helps to avoid confusion and keeps the process professional and not personal, which is a common problem for first-time property owners. Private landlords often get too involved with their tenant’s personal problems so it can often help to have a local property manager serve as the “middle man.”
4. Regular “wellness checks” of your rental investment
Finally, it’s important to keep an eye on your Murfreesboro rental home with regular rental property evaluations. At RPM Rental Solutions, we call them “wellness checks.” We watch out for such things as: water leaks, HVAC filters changed regularly, cleanliness to avoid pests and other problems, the lawn and landscaping is cared for, and tenants follow the rules of the lease. We find that many times tenants either don’t want to bother anyone, or don’t want anyone in the property, so they often times avoid letting anyone know about issues. Even if your tenant is paying the rent in a timely manner and not causing any issues that you know of, you will want to make sure you inspect the property inside and out on a regular basis.
We hope our 4 tips for Murfreesboro Property Management are helpful to you in managing your rental property in Middle Tennessee. With the expectation to be available at any time on any day, being a landlord can be stressful. The property manager job can be made easier for you when you partner with an experienced and professional property management company, like RPM Rental Solutions. You are protected legally, prepared more efficiently, and start that cash flow as soon as possible. If you’d like to learn more about our property management services in Murfreesboro, TN, or for a free rental evaluation of your Middle Tennessee property, contact us at 615-900-4067!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.