There are a number of responsibilities that come with owning rental properties. Today, we’re sharing some of the most important things you need to be prepared for when you own an investment home.
If you have a vacant unit, your first responsibility is to find a tenant. This means you’ll have to advertise the home, and thoroughly screen prospective renters. The screening process is important and must include a background check because this will be the foundation of your relationship with your tenants. It will also define your experience as a landlord.
Once you get a new tenant in place, you’ll need to continue developing your tenant relationship. You’ll need to deal with their phone calls for maintenance, and some of those might come in late at night or over the weekend. You’ll also have to collect rent, be available to answer their questions, and make sure they are meeting your expectations when it comes to keeping up the property.
Maintenance and Repairs
General maintenance will always be required around the property. You’ll need to take care of chipping paint and minor repairs. There is also the maintenance that’s requested by your tenant, which might include fixing a leaky faucet or replacing broken items. You’ll need to dispatch plumbers, electricians, and other contractors when necessary. We recommend conducting a site visit at the property at least twice a month. This might be a drive-by, or maybe you’ll make an appointment with the tenant to go inside and look around. You never know what you might find. There could be furniture left outside or maintenance issues that haven’t been reported. This is an important part of preserving the condition of your property.
As an owner, you also need to improve the property once in a while. Look for different ways to update the home so you can get more rent or increase the value of your property. Add structures or additional storage, or maybe put in a garage.
Accounting and Bookkeeping
Finally, you’ll need to keep track of your finances. There are a lot of bills associated with the home, including the mortgage, utilities, and taxes. Make sure those are all paid so your property is in good standing, and document all your income and expenses.
If you have any questions about the responsibilities you need to be prepared for as a landlord, please contact us at MSB Property Management.