As a landlord in Burbank, you have a duty to your business, family, clients, customers and employees to provide an environment that is conducive and uplifting. With this in mind, it is in the best interest of the occupants of your property that you know how to manage your property effectively.
Effective property management entails a lot of details. In this article, we will provide tips on property management for three types of landowners:
1.) A landlord leasing a property such as a flat or condo to a tenant
2.) An owner(s) of residential property which includes family homes, townhouses, multi-family apartments etc.
3.) Owner(s) of commercial property i.e. revenue generating properties such as stores, firms and businesses in general.
A landowner must ensure that tenants have a good credit score. Meaning that records of previous rents, bills paid, punctuality of payments and the condition of previous residencies should be noted. When such details are provided from a tenant, it provides a stress-free relationship with a client.
Furthermore, as a landowner, it’s important to know the housing laws of the area your property is situated. This is relevant to dealing with legal issues that may occur on your property. Knowing housing laws allows you to take action effectively.
In addition to this, as a landowner make certain that you market your property effectively. This means using modern methods to advertise your sale of a property. Online resources are available for this and make your property more likely to be noticed.
Allocating intervals yearly for inspection of properties is extremely important to the success of a landowner. You must make sure you dedicate specific periods of inspection of your property bi-annually or more depending on the type of tenant you have occupying the property.
Moreover, landowners need to understand the use of organised systems i.e. having handymen, electricians, plumbers etc. that take care of the maintenance of your property. This is important for the maintenance of your property and keeping a record of the contact details and visits of such personnel will be rewarding in the long-term.
However, even if as a landlord you may wish to make renovations to your property to make it more attractive to buyers. It’s important to only invest in renovations that would increase the price of rent on your property. This means that unnecessary renovations do not deserve the investment of your time and money.
Additionally, a landowner should recognize the importance of extra income opportunities. Most of these opportunities are in broad daylight and could be useful. Things such as the installation of solar panels, making use of an unused shed for storage, creating opportunities for billboard ads on your property etc.
It is also important and essential to draft a lease that is legally binding and well thought out in order to avoid legal problems with tenants. There are firms that are available to help out landowners with drafting leases and it’s in the best interest of a landowner to get the help of a professional when doing this. But, if you wish to save costs you can do this yourself but you must follow a comprehensive guide.
Landowners have a right as well as responsibilities. Landowners should be fully aware of their rights and what they are entitled to do during, and at the termination of, the lease agreement. Landowners should be in a position to enforce these rights without disturbance from the tenant.
This last point is particularly important. Landowners must evict tenants according to defined, standard procedures. Landowners cannot, for example, enter the property and forcibly remove the tenant – and their possessions – from the property.
That’s about it for our top tips for landowners renting their property. By keeping to these simple tips, aspiring landowners will be better placed to understand not only their obligations toward the property but also how to best extract the most revenue from their investment.