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Are you prepared to be a Landlord?

When you are contemplating whether or not to lease your property, there are many things to consider. Once you decide to be a landlord, you have some very important and new responsibilities to your tenants, the property, and your neighbors that you may not have thought of. There are many reasons property owners become landlords. Some are not by choice. Maybe you cannot sell your property in a slow sales market. Maybe your job transfers you out of town for a while. Maybe you have inherited a home or condo and cannot go through the emotional stress of selling a family property. Whatever the case may be, once you decide to lease your property, you have created a small business for yourself.

A good property management company can help you through this task in many ways: Screening and selecting qualified tenants, accounting of the rents and deposits, maintaining the property and helping with emergency situations and many other ways. Once your new tenant has moved into your rental, you need to be prepared (emotionally and financially) for potential adversity. What if your tenant loses their job? What if there is a break-up or divorce? What if your roof starts leaking or sewer-line collapses? What if your furnace needs to be replaced? Can you stay calm and act professionally towards the situation? An experienced and prepared property manager will help you through these difficult times. Granted, these items are rare, but they can happen at any moment.

Something we discuss often with new owners is being prepared for the worst case scenario. Setting aside adequate funds or having a line of credit to draw upon if necessary for a major and unexpected repair. A sewer-line break or septic system failure can cost anywhere from $3,000.00 to $10,000.00 depending on the property. If the line does break, you have a legal responsibility to your tenant to repair it in a timely manner. As a licensed Property Management Company, we help our owners every day maintain their properties. We have the resources to know which plumbers, roofers, contractors to call, especially in an emergency situation. Our goal is to make the best out of a bad situation for our owners. Keeping cost down and ensuring the repair is done right and quickly to preserve a good relationship with our tenants.

Becoming a Landlord has certain inherent responsibilities that most people do not think of or about. For almost all Landlords, the severe cases listed above never occur and that is great. We just want to give you an educated perspective when deciding to become a Landlord so you can make a calculated and educated decision for yourself if becoming a Landlord is right for you. Hiring a property manager to cover all possible emergencies is only the beginning of what EXPERT Property Management can do for you.

 

 


Published by Expert Property Management.