As of 2024, there are 307,621 property management businesses in the U.S., and the property management market continues to grow. There’s no doubt that this can be a lucrative business to be in. However, the list of responsibilities property managers have to face is growing, too.
Advertising properties, facilitating leases, and property inspections are just a few of the duties that you may find yourself responsible for. Our ultimate property management checklist provides you with a reference point for keeping everything on track.
In this guide, you will discover what to include in your property management checklist. You’ll also learn how to handle that issue that all property managers struggle with - the property maintenance discussion with your residents.
Ultimate Property Management Checklist
Whoever thinks managing properties is easy is not aware of all the tasks a property manager has to perform! Managing property requires a lot of hard work. But there’s a simple way to streamline the process – with a property management checklist.
Wondering what you should include on your property management checklist? It depends on your specific situation, as some property managers shoulder more responsibility than others. Your arrangement with the property owners will influence this and may differ from one property to another.
That said, most property managers face similar tasks. Here are the most common categories to include in your property manager checklist.
Attracting New Residents
One of the most important categories included in your property management checklist is your efforts at attracting new residents. A unique rental ad that highlights your rental properties’ best features, posted on multiple local area websites, will attract many potential residents.
You don’t have to only advertise the unit online. You may decide to market the rental unit offline for an even wider audience. It’s always a good idea to broaden your reach. But choose advertising channels that are popular with the section of the market you wish to attract.
There is simply no point in selecting channels favored by a younger or lower-income demographic when you wish to attract families or high earners or families to a premium property. And vice versa. So consider your target group when selecting your advertising platforms.
Screening Residents
Screening prospective tenants before concluding a rental agreement should also feature on your property management checklist. A resident background check is an essential part of screening as it will quickly highlight any potential problems.
Speak to their previous landlord and enquire if there were any problems. Better yet, reduce the burden on yourself by using a background check service. A local background check service will have access to information that you don’t have. Focus on the candidate’s creditworthiness and rental history.
Be aware of regulations in your state/district on the screening process and base decisions on rental standards, not your personal opinion of the applicants. Create template letters for both application approvals and denials. If their application is declined, send a standard letter declining their application.
Furnish the applicant with a copy of the background check report, and state the reason for the denial. Don’t take it for granted that a declined applicant will quietly accept the decision. File the application and denial letters in case they try to apply again at a later date.
Lease Documents and Security Deposit
If you are tasked with handling every rental application and lease agreement, this should be on your checklist. Once you have completed the screening process and settled on a suitable candidate, you’ll proceed with the rental agreement/lease.
Much of the information you asked for in the rental application form can be transferred to the lease agreement. But check that all the information provided is still accurate. Next, it’s time to draw up the lease, sign documents and collect the first month’s rent and security deposit.
Stipulate the rental rates and cover the terms of the security deposit so there will be no confusion later. Make a note of tenant emergency contact information, and provide them with yours. Keep copies of all documents in a dedicated tenant file as a part of your office process.
How to Handle the Issue of Pets
When residents wish to move in with pets, things become a bit more complicated. So, if this is not addressed in the lease agreement, a separate pet agreement is necessary. It will help to avoid any unpleasant future disputes.
If pets are strictly not allowed, you must make this clear in the property ad and repeat it in subsequent discussions pre-lease. If pets are allowed, subject to certain conditions, this too must be made clear.
Pets can cause more damage to a property and increase the amount of cleaning needed after residents move out. The security deposit may need to be adjusted to accommodate these possibilities, perhaps in a separate pet deposit.
New Resident Orientation
Once you’ve selected the best candidate, formalized the rental agreement, and handed over the keys, you may think that’s where it ends. But if your current property management checklist doesn’t include new tenant orientation, we recommend adding it.
It’s time to help the new resident get settled into their surroundings. The new resident orientation process is the ideal opportunity for them to meet their neighbors and learn more about the communal facilities.
If there’s any other pertinent information you haven’t yet covered, this is the time. Give them a list of emergency numbers to dial in case of fire, flood, or medical emergencies.
Resident Retention
Responsible residents who look after the rental property and pay their rent on time are like gold to a property manager.
Retaining tenants is a lot easier (and cheaper) than looking for new ones. You won’t have to spend more money on advertising the property, for one. And you will avoid having to go through the whole screening and approval/denial process yet again. So, how do you retain residents?
Here are a few things you can do to keep residents happy:
- Attend complaints promptly.
- Maintain the property.
- Be easy to reach in an emergency.
- Accommodate their schedules when planning inspections.
- Give advance notice, when possible, before showing up at their door.
- Keep all communications professional and respectful.
So, how does all of this fit in with your property management checklist?
Include a schedule for regular resident communication – not just when there’s a problem. Reach out from time to time and enquire if they are happy with the property. Ask if they have anything they’d like to discuss. They will see you as more approachable and will be more likely to promptly report any damages or other issues.
Responding to (and fixing) maintenance issues is also critical to resident – and owner – retention. A recent survey discovered that residents’ experience with maintenance is the biggest driver (behind rent cost) for moving. Nearly 50% of residents say maintenance was a factor in renewing a lease. It’s important to include routine and preventative inspections to try to get ahead of potential issues and show residents you care.
The Move-Out Process and Inspections
Any property management checklist should include the move-out process. This includes the property inspection after previous residents move out and before new residents move in. Determine ahead of time when and how this inspection should take place.
Damages should be assessed, and if they don’t fall into the category of acceptable wear and tear, the costs for repairing them may be retrieved from the security deposit. This should have been clearly explained to the residents before they moved in.
You will find it easier, particularly when dealing with your more exemplary residents, for them to do the pre-move-out inspection themselves. This is where a service like RentCheck fits the bill perfectly.
How RentCheck Helps Both Property Managers and Residents
By allowing your residents to use the automated inspection checklists, they can complete the inspection when it suits their schedule. And because everything is clearly detailed for them, they won’t miss out on any crucial steps.
You can even schedule inspection reminders with RentCheck. This saves you even more time and effort in your busy day, allowing you to manage inspections remotely.
Doing their own inspections allows residents to address any minor maintenance issues they may have been unaware of, or overlooked, during their residency. They’ll get more of their security deposit returned to them. And you will have less maintenance and repairs to worry about. It’s a total win for everybody!
Unit Turn-Around Process
A property management team that includes the unit turn-around process on your property management checklist will find it easier to transition from one tenancy to the next. This includes assessing repairs and facilitating a clean-up before new residents can move in.
A property maintenance checklist and a cleaning checklist will make this a lot easier, ahead of marketing and leasing the property to new residents. The sooner you get the property rent-out ready again, the better for your continued cash flow.
You’ll send out an end-of-lease letter reminding residents that their lease is about to expire. If the option exists for lease renewal, state this in the letter. What if your current residents choose to renew their lease after the original lease expires? Do you still have to do an inspection?
There will be much less to do if the resident has chosen to renew their lease. However, you should perform an inspection to check that the property is being adequately maintained before proceeding with any lease renewal. If regular maintenance has been done, this will be a mere formality.
How to Discuss Property Maintenance With Your Resident
Is a discussion with residents about maintenance included in your property manager checklist? While much of the maintenance falls under the list of duties of the property manager or landlord/owner, minor maintenance and upkeep are the responsibility of the residents.
Talk about how preventative maintenance reduces the need for costly repairs down the line. They should also report any maintenance requests (and you should attend to them) promptly. This minimizes the burden on everyone when the time comes for them to move. It also means the resident will get to keep more of their security deposit.
Some maintenance tasks fall under the property manager’s duties. Ensure you conduct preventative maintenance according to a schedule agreed upon with the residents. Some maintenance tasks are the responsibility of the residents, so outline what these are and explain what is expected of them.
A property maintenance checklist makes knowing who has to do what, easier for everyone.
Make Rental Property Inspections a Breeze With RentCheck
A property management checklist helps you stay up-to-date and on track with your duties as a property manager. And a property maintenance checklist from RentCheck makes rental property inspections a breeze.
RentCheck’s automated and customizable lists make inspection easier because residents can complete them on their own. This saves property managers time and hassle and helps residents see what they need to be attending to. Sign up for free and start simplifying your property management process, today.
