For this week’s instalment of the Build a Legacy quote, we took the content from the last word on rental management #BuildALegacy
Rental management needs to be very well orchestrated. It is important to have these processes set out well to manage any eventualities. Failure in good rental management has brought a bad name to the industry, and it has scared people off from becoming investors.
Considering that rentals are monthly and continue indefinitely, you will need to be well organised in all the primary areas including unit advertising, applications, screenings, moving in and moving out. In addition, you will need to determine how the tenants can lodge a maintenance query, how the query is attended to, financial reporting for the unit, etc.
Without such a well-coordinated approach, it is not about if the property will lose money, but when.
To read from this critical chapter regarding rental management be sure to get your copy of Build a Legacy either on paper back or the e-book