Nashville is a rapidly growing city with a high demand for rental property. So, it’s no surprise that locals and distant investors are buying houses to use as rental properties. Investing in rentals is a great way to secure future income while providing much-needed housing for Nashville’s growing rental population.
However, managing rental property entails more than fixing a house and finding tenants. Regular maintenance, tenant care, emergency repairs, and tenant turnover planning are just a few of the responsibilities of an active and responsible landlord.
It would be best if you had a game plan for property maintenance and tenant care to get the most out of your Nashville rental property. Today, we’ll talk about the six best ways to manage your property in Nashville and how Nashville landlords can get the most out of their rental home investments.
Know the Local Landlord-Tenant Laws
Tennessee is relatively strict regarding landlord legal obligations, so knowing the rules is essential. There are living quality and tenant care standards to meet and plenty of competition reading the same laws and striving for friendly and welcoming compliance. Ensure you are completely familiar with the laws governing Nashville rental houses and that all your leases and policies fall within those parameters.
Weather Stripping and AC Maintenance are a Must
Aside from the music scene, the weather is something that everyone in Nashville is familiar with. Nashville is notoriously hot and humid, so home climate control is a top priority. You must maintain the AC unit in a rental home regularly and ensure that each home is well-insulated to keep the cold outside. Regularly replace weather-stripping and caulk-shaky windows.
Go Over the Lease with Tenants
You should help your tenants understand the binding contract they are about to sign and their role in your landlord-tenant relationship, in addition to crafting a smart lease for each property that meets state requirements. So, discuss the lease with them. Before the tenancy begins, ensure each new set of tenants understands what maintenance and utilities you cover, what they cover, and any house rules you’d like well-established. If there are any late rent fees, make them known right away. Ensure there are no surprises and tenants understand how to follow the lease.
Build a Maintenance and Tenant-Care Team
Every great landlord has a team to assist them in caring for their properties and tenants. Your property maintenance team will most likely include plumbers, painters, appliance repair, etc. In contrast, your tenant-care team could include family, an assistant, or a property management team ready to step in if an emergency occurs while you are unavailable. The more rental homes you have, the more important it is to have a dependable team and a working relationship with property managers.
Prep a Game Plan for Tenant Turnover
Tenant turnover is the single most underappreciated aspect of the landlord. Many property investors are unaware of the amount of time and effort that goes into preparing a home for tours, marketing the home, screening applicants, and onboarding tenants. Especially since the longer this process takes, the longer a home sits empty without earning rent. This is why you should have a game plan for tenant turnover, whether a personal checklist or property managers with an entire system in place.
Schedule Twice-Annual Maintenance
Finally, even if you have long-term reliable tenants, keep an eye on your rental properties. When you have great long-term residents, it is common for landlords to only prioritize maintenance between tenants, allowing a home to deteriorate slowly. Instead, schedule predictable twice-yearly inspections and maintenance to ensure that the home remains in good condition regardless of what tenants do or how long they stay.
What Should You Look for in a Good Property Management Firm?
Do They Have Local Experience?
Working with a local is the best option for a business owner. Experience is important, but property managers familiar with the area, contractors, and other resources are likelier to do a good job.
It’s also a good idea to hire someone familiar with the local rental market so that they can confidently market the owner’s rental units or homes when the time comes to find new tenants.
Do They Have Good Communication Skills?
To get the best return on investment properties, owners prefer to work with a manager with strong communication skills. Working as a landlord requires them to work closely with tenants and understand how to communicate with them and meet their needs effectively. Furthermore, the property manager must communicate with the owner regularly. No property owner wants to be kept in the dark about what is going on with their rentals or the tenants who rent them.
Do They Have Proper Licenses and Insurance?
Any prospective partner, such as a broker’s license, should be appropriately licensed. Always request documentation and scrutinize it thoroughly. Request professional credentials, continuing education, and other documentation to demonstrate that they are well-versed in their field understand the laws and other technicalities and can manage rental homes, condos, apartments, or other dwellings.
Professional firms carry insurance to protect their clients, tenants, and their properties. This includes general liability, Errors and Omissions (or E & O), workers’ compensation, health, and tenant discrimination insurance. Property managers should also encourage tenants to have renter’s insurance to protect their belongings, as their landlord’s insurance does not cover this.
Simple property management services and a real estate investment marketplace will assist you in taking the next steps toward financial independence. Begin with a Free Rental Price Analysis! If you’re looking to buy rental homes or improve your rental home management in Nashville.