Being a landlord is a challenging job. There are many aspects to being a landlord. You are responsible for maintaining your property in an livable and compliant condition for your tenants.
Establish Roles Early
Your maintenance duties should include the lease. It is important to establish the responsibilities of your tenants before they move in. Your tenant usually takes care of minor upkeep and maintenance. You, as a landlord are responsible for larger jobs such as fixing plumbing and electrical systems. You are responsible for normal wear and tear as well as preparing the property for tenants. Your tenants should be able to reach you at any time and when they can expect to hear back from you. It is best to keep communication open in order to avoid problems down the line. Communication can make disagreements less heated.
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You should set a minimum condition for your property
Make sure you take pictures and videos of your apartment or house before your tenant moves in. Make sure you have a checklist for moving in and out. You can also use your phone to capture photos and videos. You'll be able to prove that you have the proof you need in case you need to withhold a portion or all of your security deposit. You should expect scratches and dings to the floor, as well as stains on the walls. However, holes in the windows, damaged walls, and dirty carpets can be more serious than normal wear and tear, and may result in a tenant losing their security deposit. Let your tenant know when you expect the property in its current condition after they move in.
Make a Preventative Maintenance Plan
You can prevent problems from becoming costly by creating a preventative maintenance program. In your lease, include a clause that requires tenants to report any problems they see. If you don't, you could face a fine. Every few months, you should inspect the property to ensure that all areas are inspected. You can't expect anything to last forever so make sure you plan ahead and fix any problems. You can buy a refrigerator when there is a great deal.
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Landscaping should be simple
You don't need to make any changes on your property. You just need to keep your landscaping simple enough that it makes your property look presentable. This will make it easier for you and your tenants to maintain a tidy landscape. Let your tenants buy a planter box if they have green thumbs.
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Standardize everything
Standardizing paint, hardware and flooring can help you save a lot of time and headaches. All properties should have the same paint. This will make it easier to remember which apartment has what color paint.
All things should be documented
Property management is considered a business. Therefore, repairs and projects may be exempt from tax. Keep track of the time spent on projects and save all receipts.
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Make it feel like home
A freshly painted and clean home is a must for every tenant who moves in. Have your carpets cleaned professionally and the walls painted. This will allow you to be a great landlord.
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Automate whenever you can
Even the most skilled landlords sometimes forget to change the batteries in the tenant's smoke alarm. Look for items with long battery life, which turn on automatically or are resistant to tampering. You can also consider motion lights outside the property, solar lighting that illuminates the pathway, and programmable thermostats. These things may be more expensive at first, but they will keep your property safe.
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When you need them, call the pros
You will have to hire professionals if you are not a skilled handyman. You should also know the location of the property's electric panel and water and gas shutoffs to be ready in an emergency. Some states require professionals to do electrical, plumbing, and HVAC work. To ensure you are following the correct guidelines, consult your local building authority.
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Save For That Rainy Day
Someday, you will have to fix something. You should have a reserve fund for repairs and maintenance. You don't need to wait for your next payday to buy a new stove or refrigerator for your tenant. Sometimes, you might have to provide temporary accommodation or repair the property for your tenant before a claim is approved. Expect the unexpected.
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