PROPERTY MANAGEMENT TIPS FOR LANDLORDS
It is always not easy to properly manage properties, being a landlord in Burbank can be very challenging. It requires a lot of work, from finding and selecting the right tenants, collecting rents, creating and following lease agreements. When it comes to property management there are certain things that can make or break your investment. You need to have the knowledge and experience to be able to successfully run a property investment business. Here are some tips that can help:
Document the condition of your property before Tenants move – it is important for you to document the condition of your property before tenants move in or out. Make a video or takes pictures of the property before letting out your property. Keep all receipts and invoices of all repairs you had done due to damages caused by the tenants. This will serve as evidence and will enable you to have a case to defend your claim for any damages.
Keep security deposits separate – There are different regulations guiding what to do with tenant’s security deposits. Ensure you separate security deposits from the rents received. Most landlords often treat the money like it’s their own but it is really for the tenant. There are penalties in the regulation for landlords if the misuse the security deposits.
Know the landlord rights and the tenant’s right – Landlords should know their rights as well as their responsibilities. They should be aware of what they are entitled to while making lease agreement and at the point of termination. They should be to enjoy these rights without any interruption from the tenants. At the same time, there are certain responsibilities that are expected from them. Landlords or their property managers are expected to often visit the property to ensure it remains in a good state.
Also, landlords must also be aware of the tenant’s right. They must know the right way to terminate a lease agreement. They should evict tenants according to the standard and lay down procedures.
Set up the Property as a Limited Liability Company – Setting up your rental property as an LLC will help to protect you in case of a lawsuit. You can use Los Angeles Property Management Group to protect your personal property from any litigation relating to a property. Los Angeles Property Management Group also offers other benefits like pass-through taxation.
Promptly carry out all repairs – The popular saying that ‘a stitch in time saves nine’ is also applicable to a structural building. Carrying out prompt repairs on your property saves it from more occurring damages, which saves you time and money. For example, if you fix a roof leak in time, mold won’t have time to grow and the leak will not affect other parts. With prompt repairs, you will also show your tenants that you’re about taking good care of your property.
Include a Pet Clause in the lease agreement – Most tenants consider pets as members of their family. If you will allow a pet in your property, you need to add a strict clause in the rental agreement. The clause should include how much the pet security deposit is, whether it is refundable or not. They type of pets that are allowed should be clearly defined.
Remember you have the final say when choosing a tenant. So manage your investment’s cash flow, ensure you have rainy day reserves, and have a network of reliable contractors