Property Management, what does that consist of? Assuming you have already secured a well-qualified tenant (more on that in my TENANT SCREENING video) then what comes next is what happens leading up to move-in until move-out.
Assuming you have a solid lease in place that protects you from any eventuality that could occur, you're ready to collect a security deposit from the tenant. As with anything, make sure that you are adhering to your local jurisdiction's laws when it comes to the deposit.
For the check-in inspection make sure you give the incoming tenant the option to be present and thoroughly document the condition fo the home. Inside and out, appliances in working order, air filters and under sinks. If you have a way, picture documentation is recommended.
Rent collection will begin when they move in. Will they be paying electronically, by personal check or certified funds? Make sure how, when and where are established before the lease signing.
Day-to-day management will pick up after move-in. Since they are new to the home you can expect calls or requests for repairs within the first month. Just hope those calls don't come in at 2 am. Whenever these issues do come up you should have a plan in place on how to resolve it. Are you handy enough to handle it yourself? If you're like me, you'll need to hire a contractor. Make sure you confirm they are properly licensed and insured before sending them to your home. Tenants will expect timely repairs so make sure you keep an open line of communication. it's better that they hear from you, even if to say you don't have an update, than not to hear from you at all.
When the end fo the leas approaches, I would check in 90-days out. You don't need a concrete answer then, but let them know at 60-days you will need a decision. If they haven't notified you, you need to begin marketing. Don't let them drag it out saying they'll tell you in a day or so or you could find they are planning to move out 10 days before the end of the lease. Not beginning your advertising until then will leave you with a longer vacancy in most cases.
If they wold like to renew, you should at least consider a rental increase. You want it to be fair and it's in your best interest to retain them as tenants. Any turnover will lead to a vacancy period, and no matter how short that period is, it's costing you money. Additionally, there are typically costs associated with securing a new tenant as well.
Once you have confirmed the move-out you will need to schedule the final check-out inspection. Much like the initial inspection, you need to give them the opportunity to be present. Make sure you complete the inspection after they have fully vacated the home. Security deposits are the number one cause for legal disputes amongst tenants and landlords so again, make sure you are following you local laws.
After covering the step-by-step process, does it seem like a lot of work? Well, that's because it is. If you have someone moving in soon or you're at the beginning of this process and it just seems overwhelming, click on our blue, "Get A Free Quote" button and let us do the work for you.
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