Owning a rental property requires a lot of maintenance work and proactive thinking. You not only need to take care of the physical property itself but the people who live there. It can be challenging to juggle all these aspects, but you can prepare effectively and simplify the process for yourself with a plan. To help you make sense of this process, here is a brief guide on owning a rental property.
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Conduct Background Checks
There are always people looking to rent; it’s your job to choose the best candidates for your property. Assuming you’ve addressed all the main aesthetic issues like siding repairs, broken windows, and dented walls, you’ll want to do all you can to review the potential renters you’re considering for your units before you open your doors for showings.
Without conducting background checks and reviewing financial history, it is easy to fall into rental scams that leave you with squatters and less-than-ideal situations. Take your time reviewing renters, and don’t feel compelled to rent to the first interested party that comes your way.
Meet Safety Standards
Before you allow renters to move in, it is a legal obligation that you meet the safety standards required to rent out a property. Ensuring that all aspects of the property provide livable conditions for your renters is a must.
Ensure the paint is safe, that the gas, electric, heat, and air conditioning units are all in working order, and that you conduct residential pest control. Any broken windows should be addressed as well.
Review the safety guidelines for your area to make sure your rental property is good to go. You can quickly end up with a lawsuit if you fail to meet these basic requirements.
Eviction also becomes more challenging when you are not holding up your end of things by keeping conditions livable for your renters. Do yourself and everyone involved a favor, and meet all the necessary safety standards before bringing in new renters.
Schedule Monthly Maintenance Checks
Each month, have a scheduled electrician, pest inspector, and property manager view your units to fix any issues with your rental units. You can include this service in your rental contracts, so your renters know these monthly checks.
It is better to address problems head-on than find out at the end of someone’s lease that there are clogged pipes, broken boards, etc. Find an extraordinary plumber and develop a strong rapport with companies you trust so you can rely on their services each month.
Hire A Gardner
Whether you need someone to cut the grass or groom rose bushes, do what is necessary to keep the outside of your property as sparkling as it is on the inside.
You might decide to hire one independent gardener or a crew of landscapers to keep your property in order. Consider the size of your property and your budget before leaning any which way.
It is essential to take care of the external aspects of your property. If you have lawn space or any garden areas, maintain the upkeep required to keep your property looking sharp. You may even attract possible renters by keeping the outside looking nice.
Keep Your Property Safe And Appealing
Owning a rental property is hard work. You need to commit to an ongoing process of maintenance and upkeep to ensure that your property remains safe and appealing, so your renters can feel happy with where they live. Develop strong partnerships with the workers you need on your team, and be sure to follow all safety standards for easy and effective rental arrangements.