There are many responsibilities involved with managing rental properties. From finding the right investment property to ensuring it is in good condition, there are multiple steps to take before the first tenant moves in. It’s important to consider your options for hiring a full-time property manager, as this can save time and money over attempting to do everything yourself.
It is also important to understand landlord-tenant laws, as violations can lead to expensive fines for the property owner. Understanding how much notice is required before entering the property, how to handle tenant complaints and rent collection, and how to deal with evictions is crucial for all landlords.
Once you have the property in decent shape, the next step is finding the right tenants. This can involve advertising the property, showing the home, checking references and credit, and creating a lease agreement. Landlords should always aim to have a lease agreement in place that is fair and balanced for both parties.
After the tenant signs a lease, you should conduct regular inspections to ensure that the home is in good condition and that all issues are being addressed promptly. There are numerous benefits to doing monthly rental inspections, such as catching small problems before they become large ones, keeping communication lines open with the tenant, and being aware of any issues that may be building up in the home.
Finally, it’s a great idea to have a separate account for rental income and track payments online, such as rent, security deposits or move-in fees, pet fees, and utilities. Having all of these documents in one place is helpful during tax season. manage-rental-properties