Managing your own rental properties can be a challenge, whether you are a seasoned real estate investor or new to rental properties. Knowing the correct steps to take can be critical to having a positive experience. Here are some key things to consider:
Finding the right tenant – this requires background checks, criminal history, credit checks, and references, such as employers and previous landlords.
How much rent to charge – make sure that it is appropriate for the size and location of your property.
Protect yourself with a lease – this ensures that both parties understand their rights and obligations. Make sure your lease is specific to your area as laws vary across states, cities, and counties.
Protect your property with insurance – ensure that you have Rental Home Insurance, this is different than a Homeowner’s Policy.
Maintenance – determine how you will handle maintenance emergencies, such as a clogged toilet or a roof leak. What about seasonal maintenance, such as lawn cutting and landscaping? Is it geographically feasible for you to handle on-site issues yourself?
How to handle evictions – you will need an attorney to properly handle any evictions, and a strong lease.
These are just a few of the things that you will need to be prepared for as a landlord. If you have any doubt that you can handle these tasks yourself, give us a call here at SureWay Property Management. We’d be happy to help.