Whether you’re relocating and don’t want to sell your house or have specifically purchased rental property as a stable investment, property management companies are a great resource for property owners who live out of town or are too busy to maintain the rental units themselves. By working with the top property management companies, you will have access to experienced and skilled rental property managers who will arrange repairs and maintenance work, find new renters, handle tenant difficulties and more. However, there are a few steps every property owner should take before renting out their building, even if a property management company is involved. By following the tips below, you can ease the transition into owning rental property and working with a rental management service.
Take a Walk Through the Property
Before you can rent out your property, or even hand the keys over to one of the local rental property management companies, you should be sure that you are starting with a blank slate. Make a note of any necessary repairs, cleaning, painting and more, then either complete these changes yourself or talk to your property management services about handling them once they officially start managing your property. Once this is completed, take photos of this original state to help with any tenant disputes and other problems that may arise, as well as ensure you are starting with a high-quality property.
Plan Out Regular Property Inspections and More
As a group of professionals, your property management company most likely has protocols in place to ensure that the properties they manage are inspected regularly and kept up to standard. However, as the owner, you need to be aware of this and other stipulations to be sure that your property is being taken care of and the company is fulfilling their responsibilities. As a result, make sure you discuss their inspection schedule, repair and maintenance procedures, and how you and your tenants can contact them.
Make Sure You Are Properly Insured
Unfortunately, even the best property management companies can’t protect your rental property from all accidents and problems. And with tenants involved, it is even more important to make sure that you are properly protected in the event of an emergency. Talk about this with your insurance company and property manager: some insurers and property management companies require property owners to include them on the policy as an “additional interest” or “additional insured”.
Are you considering renting out your property? Do you plan to hire a property management service? Tell us about it in the comments!