If you have a rental property investment that means you may be wearing a landlord’s hat. But, before you step into the new year donning your new landlord hat, there are few fine points to consider that can make your life easier. Let’s look at the top five.
The Details of Your Lease Agreement
It’s vital that you fully understand the details of your lease agreement, preferably one that is lawyer-approved. Prevent legal issues down the road by sticking with the legal terms of the lease.
Establish an Emergency Fund
In the event that something goes awry, have an emergency savings account at the ready. Whether a natural disaster, a must-do upgrade or damages, having that extra money every month is a great stress reliever.
Stay in Touch with Your Tenants
Building a strong, trusting relationship with your tenants is a definite win-win. Stay in touch either by a friendly phone call or email. Do this at least once per quarter. Asking your tenants how they are doing and seeing if they have comments or requests is a good way to maintain a solid relationship and hang onto great tenants.
Use Only Reliable, Quality Contractors
It’s a given that every property needs maintenance or a few upgrades over time. It is worth the time to find the best contractors and in the long run a money saver. Think ahead and be prepared.
Hire Property Managers
Maybe this should be your first option. It would certainly take a lot of stress away from your ‘landlord’ role, while you enjoy the benefits of your investment. A professional property management team knows all of the ins and outs of what it takes to keep great tenants happy.
Cousin James Management has been in the property management business for more than 20 years and handles everything from leasing to tenant screening to inspection services. Hiring a property manager allows you to retain your privacy and regain control of your own time and schedule. You’re still the landlord but we can make your job a lot easier and certainly more stress-free. Contact us and find out for yourself.