April 2nd 2015
The devil is in the details, as the saying goes. Managing your investment property may seem like something you can handle yourself, but there are more tasks involved than you may be aware of, and while some might be apparently minor concerns, you could be letting yourself in for a world of stress and financial hurt if you neglect them. Here are three vital considerations you can’t afford to ignore.
It’s understandable that you want to make sure your property is tenanted at all times. When a lease ends, you want to get someone in there as quickly as possible, otherwise you’re just losing money, but the wrong tenant can sometimes cost you more than no tenant. So how do you know if that pleasant-looking young couple who filled out the application are going to do right by you? Do they pay their rent on time? Do they look after properties they rent? A skilled property manager can find out all this and more. At ABC Property Management, we carefully check references and screen all prospective tenants.
Preventative maintenance is absolutely essential for ensuring the best return on your investment. The problem is it can be time consuming, and if you don’t know what you’re looking for when you inspect your property, you might miss an early warning that will save you a small fortune down the line. An ABC property manager will perform regular thorough inspections, and we have a network of tried and trusted contractors in place to remedy any issue at the earliest possible moment.
As you will no doubt have noticed when you bought, property law can be extremely knotty and there are all kinds of unpleasant and sometimes costly surprises. This is no different when you are renting out your property. Your legal obligations are potentially very complicated and may include protecting yourself from public liability claims, meeting safety requirements, and adhering to guidelines with how you handle tenants’ deposits. The rules in place will vary from state to state, and are always subject to review, so it can be difficult to stay abreast of them.
Why let yourself in for the hassle? Contact our team of professionals at ABC Property Management today and take a weight off your mind.