Real estate ownership can be a great tool to save and invest for your future and retirement. But when you own a rental property, there can be some management and regular maintenance tasks that you need to see to to make sure you don't lose out on your investment and end up with a financial liability. Here are some tips and recommendations for you to implement and use when you own a rental property.
Hire a Professional Manager
A property manager overseeing your rental unit can make all the difference in the amount of time you have to put into and the success of your income property. When you are constantly having to stop by your rental after your day job or on the weekends to see to management issues or handle repairs, it can make your rental property ownership seem like an extra burden that might not be worth the effort.
However, a property manager takes all this management responsibility from your hands and will handle all the maintenance issues, management tasks, and other issues that might come up in a professional and successful manner. A property manager will, for example, have the experience in inspection of the rental property before and after a tenant lives there. They will also be able to document any damage after a tenant moves out so the appropriate repair charges can be deducted from the tenant's deposit before returning it to them.
Select and Use a Good Lease
As a rental property owner, it is essential that you take the necessary steps to protect your investment with a good, solid contract that will protect you as the property owner and your interest in your real estate. However, it is also a good idea to choose a rental agreement contract that is beneficial to your tenants, otherwise you might lose out on rental business. If you, for example, choose a rental contract that does not allow for a rent payment grace period of a couple days and charges a large late fee, this can be off-putting to potential tenants.
Instead, look for a rental contract that allows you to inspect your property when needed, after providing advance notice to your tenants. You can also look for a rental agreement that prohibits certain types of activities and illegal practices on the property. This is recommended so you can evict a tenant who is making, selling, or using drugs on the property, and you can protect your rental from any adverse effects that can come with drug activity.
Consult with your property manager if you choose to hire one. They can advise you on a specific rental agreement they may use, which will provide you the best landlord protection. To learn more about property management services, contact a company in your area like Association Management & Services.