Category: Property Management

What You Need to Know before Becoming a Landlord

Thinking of becoming a landlord? While this can be financially and personally rewarding, you must do your homework before you take the leap. To help you learn the ropes and avoid any costly missteps, here are some handy tips of the trade. It cannot be overstated how important it is for landlords to do their pre-closing homework. During the home inspection, remember to take a thorough look at the property to see what will need to be repaired or replaced. For example, you might want to change the toilets to low-flow models. You’ll also probably want to invest in essential upgrades to three common areas: water, door locks, and flooring. Don’t make the rookie mistake of underestimating the costs of fixing and maintaining the property, both before and after a tenant has moved in. Most landlords account for insurance and taxes, but it’s easy to miss expenses like garbage, gardening, and regular maintenance. According to Money, you should set aside at least 35 to 45% of your annual rental income to cover these costs. (And when you’re calculating this income, it’s a good rule of thumb to account for only 10 or 11 monthly payments per year.) When it comes to finding a tenant, don’t be too relaxed. Interview prospective tenants on the phone first to find out if they meet your requirements. Then, it’s important to check your potential...

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Do You Need A Property Manager?

If you already own a rental property, or you’re looking to get into the business, the idea of having to deal with tenants and managing the property might be daunting. But that’s where property managers step in. A credible property manager will take over the responsibilities that rental owners might not want to handle. This could include surveying the market and area to determine a reasonable and competitive rate to charge for rent. Property managers can also help you sell a home by generating solid leads through a variety of channels, including social media, advertising, and the multiple listing service. Once your property has caught the eye of prospective tenants, the property manager can help you vet the tenants to make sure any potential renters will be responsible and reliable. Once the tenants have been screened and approved and have moved in, property managers will even be able to protect you from potential lawsuits by staying up to date on your city’s laws, rules, and regulations to make sure you’re in the clear. From there, they’ll be able to take over the less desirable parts of property management, like handling emergency repairs, creating monthly expenditure reports, taking care of important tax filings, and performing home visits. Given the wide range of services that property managers provide, you might now be wondering how much they charge. Fees vary widely depending...

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