Advice for Self-Managing a Rental Property
Not Quite Ready to Hire a Property Management Company?
Purchasing a rental property is a big investment and it’s only natural you’ll want to find ways to cut costs. Sometimes hiring a property manager is ideal especially if you’re too busy to manage your property yourself. But if you are an entrepreneur at heart and prefer to keep cash in your own pocket, we have some advice for self-managing homes for sale in Champions Gate Fl.
Marketing Your Property
Effectively marketing Champions Gate homes is the first step in drawing tenants. The longer your property sits, the more money you lose so employing good marketing strategies is vital. Advertise with enticing words and flattering pictures through free or paid online listings, newspaper ads, and signs.
Finding and keeping excellent tenants is a major key to getting a return on your investment. Don’t just allow anyone to rent your property. Implement a tenant screening process to scrutinize potential tenants. Perform background and credit checks and assess applicant’s income. Getting the right tenants increases the likelihood that you’ll collect rent on time and the property will be well kept per the leasing agreement.
Managing Your Tenants
As a landlord, you set the bar for the new relationship so expectations for tenants should be set early on. Matters such as security deposits and fees should be communicated up front in the leasing agreement. Outline expectations such as tenant maintenance, rental payments, your right to enter the property, and repair responsibilities in the rental agreement.
Inspections and Maintenance
With the exception of tenant maintenance requirements, you’re in charge of inspections and maintenance so expect to respond to maintenance and repair calls. By law, your property should be safe and healthy to live in. This includes preventative maintenance and inspecting the property regularly before a tenant moves in and when they move out.
Rental property owners need to keep records and stay on top of taxes, rental agreements, and insurance. Owners can earn tax benefits and deduct insurance, interest, and property taxes. Strong rental agreements and policies are a must. Use a standard legal template for landlord and tenant agreements or go a step further and hire an attorney skilled in drafting and reviewing legal documents. Contact an insurance agent for a robust insurance policy that will protect you from losses and damages to your property.