Rent collection is an important part of any landlord’s business. However, it is often the most frustrating and stressful part of owning a rental property. While most tenants are responsible, some fail to pay on time or refuse to pay at all. In some cases, they may simply forget. The last thing any landlord wants to do is hunt down rent payments, but it’s a necessary evil. There’s no way to avoid this entirely, but optimizing your rent collection process can have a major impact. When you set clear expectations and make payment easy for tenants, they’ll be more likely to pay on time. Additionally, you may want to consider the following suggestions:

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If you’re a landlord, you should constantly be looking for ways to boost your property value. Your property will become more desirable to prospective tenants if you invest more money in it. Plus, should you choose to sell, you want your investment to pay off later. Not only is this a good business move, it’s a way to keep your tenants happy.

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It is essential to keep the bedrooms in your rental units updated if you want to attract tenants. Bedrooms are as important as living rooms or kitchens, and they should feel inviting. When giving tours of empty apartments, the goal is to enable potential renters to picture themselves living there. However, it is hard to imagine how to make a blank canvas stand out. As a property manager, you may be wondering what remodeling tasks you should focus on. There is no one way to upgrade the bedrooms in your rental units, but these ideas should give you a starting point.

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Communication is essential for any landlord or property manager in the rental industry, but what is the best way to communicate with your tenants? How often should you keep in touch? Some landlords are too hands-off in their approach and miss out on building strong relationships with their renters. As a result, tenants might not be eager to sign a long-term lease.

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In today’s market, it’s easy to be a landlord but hard to be a great one.  If you’re just getting started in the business, you might have some preconceived notions about what it means to be a property manager. In order to turn your rental property into a money-making asset, you need to understand what being a great landlord involves. This includes the daily realities of the job and the complex situations you’ll be thrown into every day. The role can be highly rewarding, but it takes practice and plenty of patience. Below, you’ll find some ways to navigate your expectations and your new reality as a landlord.

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