When it comes to owning real estate, there are a number of responsibilities that range from financial aspects to making sure the lawn is kept maintained. And when you own a property that you are renting out to tenants, you are liable for the property and its condition, as well as keeping in line with any city and county ordinances so you can avoid fines and legal action.
Once you have found and purchased the property, your work as a property manager and landlord begins to make sure your property can remain a positive cash flow. Here are some tips to help you with your property management tasks with your rental property.
Screen All New Tenants
One of the most important parts of being a good landlord is in your tenant screening process. Screening your tenants is a way to protect you and your property interests by making sure you don't let the wrong renter in your property.
It is better to do a bit of work to check out a potential tenant before you let them move in because once they move in and you end up having to evict them, you will lose a great deal of rent and expense in the process. Depending on the state you live in, the eviction laws can vary, and it may take you many months to complete an eviction process on a tenant who won't pay you rent. And in the meantime, you lose out on the property making cash flow.
Ask your applicants to fill out a rental application that allows you to complete a background check and credit verification on them. This will help you determine how well they pay their financial obligations and if they have committed a felony or ever been evicted in the past. These checks will cost you a fee, so be sure to collect an application fee from your tenants to pay for this cost.
Handle Maintenance and Pest Control Services
Once you have qualified your new tenants and they have moved in, it is important to keep up on the property while they are living there. This includes making sure any pest issues are prevented before they become a problem and making sure that they are taken care of if they do occur.
If your tenants notify you about damage in the property, such as a leaking pipe or broken window, be sure to handle it in a timely manner to further protect your property from damage, for example. If you have a good tenant lease, it will protect you financially if your tenant purposely damages your property, so if they break a window in a domestic dispute, you can take the funds from their deposit to cover the repairs.
These tasks, along with many others, are important to keep your rental property efficient and making you money. To free up your time and energy, consider hiring a professional property manager to handle all the necessary tasks to keep your property in great condition.