Conduct Regular Inspections
By doing a thorough walk-through of your property, you are able to see whether any maintenance is required (consider hiring a handyman to review your property). You’re also able to ensure the tenants are following the terms of your lease. A move in walk through is critical so you can document the condition of your home before the tenant moves in. You’ll also want to do a move out inspection so you can determine whether any money needs to be withheld from the security deposit. Important tip: Do not do a move in or move out walk through with a tenant. At least one interior walk-through during the course of the lease will help you take care of preventative maintenance and fee satisfied that everything is running smoothly at the property. If there is an issue with the way the tenant is taking care of the property, provide the tenant with a ''7 day notice to cure''.
Stay On Top of Preventative Maintenance
Preventative maintenance provides you with financial protection because you’ll be knowledgeable regarding a repair while it is relatively small and inexpensive. It’s much better to fix a sink as soon as a leak is detected rather than months later, when that leak has caused water damage and mold. Put together a maintenance schedule and stick with it. For example, the air conditioning unit should be serviced annually, and you’ll need to have your gutters cleaned out and your roof inspected regularly.
Invest in Thorough Tenant Screening
It’s hard to protect your property when you have a bad tenant living there. Make sure you do a thorough and detailed job of tenant screening. You need to check criminal backgrounds, credit histories, landlord references and eviction records of any person you are considering for tenancy. If you don’t have the resources for these in-depth background checks, hire a company that can do it for you.
Maintain the Necessary Insurance
Important tip: If you lived in the home before renting it out, you’ll need to convert your homeowner’s insurance policy to a landlord policy. At a minimum, you’ll need to carry insurance that covers the physical structure of your property, any lost rent that can occur during a catastrophe, and liability. It’s a good idea that you require your tenants to carry renter’s insurance as well.
If you need help protecting one of your biggest investments, contact us at Orlando Realty & Property Management. We’d be happy to help you.