Rental Property: Three Guidelines on Protecting and Managing Your Building

Blog

Proper rental property management will help you earn the best possible profits from your real estate investment. If the condition of your building deteriorates, your returns will decline quickly. In general, you can choose to personally manage the rental asset or engage a professional property manager. The former option is cheaper if you have time and pertinent skills. When you hire an expert, you will enjoy convenience and freedom from daily management work. Regardless of your choice, here are critical guidelines to consider for effective rental property management and protection.

Preventative Maintenance

Buildings are built to last, but their components are prone to degradation as they age. Therefore, if you want to retain the value of your rental property, you should ensure that preventative maintenance tasks are performed. Basically, this means that you should service both the individual and community spaces as required. The practice will prevent premature failure or apparent deterioration and ensure you retain and attract new tenants to your real estate asset.

You should paint the surfaces regularly to keep the building looking new and fresh. You should check the roofing and connected gutters and clean them to enhance performance and appeal. Ensure that the plumbing system and stormwater drainage channels are inspected and serviced as necessary. In addition, inspect and repair worn floors, windows and leakages and maintain the landscaping for optimal long-term property value.

Tenant Screening

You should be diligent in screening potential tenants before renting your property. This is one of the best methods designed to protect your property from damage and your business from unexpected financial losses. In simple terms, if you choose an irresponsible tenant, they might use the rental space and amenities poorly and leave you to cover the costs. Moreover, there are problematic individuals who might fail to pay their rent in time. This will result in extensive inconvenience, and the tenant turnover might become too high if you have to evict those tenants. Therefore, you should rely on real evidence on the reliability of a tenant before handing over the unit keys.

Proper Insurance Coverage

You should protect yourself and your property by acquiring a good insurance policy. There are different covers which can prove beneficial, depending on your region and type of building. At minimum, you should have a landlord insurance policy. This will provide financial cover for the building in case of a major incident or even for loss of rental income. For the best results, you should discuss your options with a qualified insurance provider.

Share

28 March 2017

It's time to rent a beach house!

I love heading down the beach for a holiday in the off season. It's so nice and quiet, and you can get great prices on rentals. I love being able to rent a different beach house every time I head to the coast, because I can truly relax knowing I don't have to maintain the house like I would as an owner. I have been renting on short term rentals for nearly 30 years, so I have a lot of ideas on the best ways to find bargains and hidden gems in the beach rental market, which I collate on this site.