It is an excellent decision if you have decided to invest and are renting out your extra house. This is an occupied house that can be rented out to many individuals who can live there by paying monthly rent. However, you may not be interested in directly managing the affairs of the house. Therefore, it is very important to hire a competent manager who can take after all the affairs of the house. For that you need to have somebody who you can trust and that person must be well-versed with how house renting and related matters work. If you are unsure of how you can manage your manager to run your business of renting out properties, then this is the place for you. In this blog, we will share with you how to use your manager well and take care of your rented property without getting directly involved.
Empower Your Manager
The first step is to empower your manager and let him know that he has full control of the entire renting business. Let him know about the different properties that you have put on rent and tell him about the names of the individuals living on your property. With all this information, the manager will be able to develop an understanding of how your entire business is working and who are the people that he has to collect the rent from at the end of every month.
Provide all the financing related matters to your manager and let him know that he is responsible for collecting all the rents for the month. Also, tell him that he needs to create a proper intimation schedule of informing the renters before the deadline that they are due to pay the rent. Moreover, inform the manager that he is responsible for the recovery of all the rent from all the entries. Therefore, the manager should make sure that the renters a disciplined and submit their dues on time.
Remember that the collection of finances is a tough job. Therefore, you need to be understanding in case of any ups and downs. However, audit the report yourself.
You can also use your manager to regularly visit the facilities and keep an eye on how the renters are using your property. It is very important that you keep an eye on them because at times a few people will be careless and end up damaging the property. Obviously, you are not looking forward to incurring extra costs on the property apart from the maintenance. Therefore, make your manager plan regular visits to all the property that you have given on rent so that you can get reports of how people are living in the property. With this, you will be able to prevent the house from getting damaged.
Furthermore, if your manager visits the house on a regular basis, he will also be able to understand and respond to the complaints of feedback of the residents. It may be there is a certain type of service that they require with your approval. In such cases, the manager will act as a bridge between you and the renters. This will allow for greater coordination and understanding between the parties. It will also help to build a relationship of trust.
It is important to let your manager know that the manager is a key player in the business of renting out houses. Give him a good salary so that the manager does not have to use unfair means to get the extra money that he is missing out. Be understanding, caring, and sympathize with them and give him authority to run the processes himself. However, make sure that he reports to you at the end of each day, every week, and every month. It should be a continuous process. This is important and you must know whatever is happening on your property.
With the help of these steps, you will definitely be able to manage your to manage your manager without a worry in the world. The manager will not only be able to keep an eye on how the renters are living in the house but he will also be able to share with you the daily report of your business. Meanwhile, you can live your life with ease and comfort.