When you are just getting started in the rental business, it can be tough to know what to do after you have made your investment and need to get a tenant in your new rental property. Property management, which involves the various aspects of placing tenants, collecting rents, maintaining properties, and just about anything else you have to do with your property after you have purchased it, can be difficult even for landlords who have a background in real estate. Use this quick checklist to get your property management in Park City, Utah off to the right start.
Learn the Local, State, and Federal Laws
Knowing the laws and regulations for landlords before you rent out your property can protect you from inadvertently incurring fines, facing other legal penalties, or even finding yourself in the midst of a lawsuit. Understand your rights and your tenants’ rights before you draw up a lease, so you can be sure not to miss something important.
Get Landlord Insurance
A good insurance policy will not only protect you from unavoidable disasters, such as flood, fire, or burglary. It will also keep you safe from potentially destructive tenants and should help cover the cost of a lawyer if you are ever sued. You can typically expect to pay about 10% more for landlord insurance than your homeowners’ insurance costs.
Make Sure the Property is Reasonably Secure
Especially if you are dealing with property management in a big city like Park City, Utah, a lack of security could drive good tenants away. Whether your security measures involve having a security system installed or simply making sure that the windows and doors all have working locks, make sure that your tenants will feel safe inside their new rental home.
Be Choosy with Your Tenants
After you have familiarized yourself with the legal aspects of renting out a property, drawn up a lease, purchased a landlord insurance policy, and inspected the property, it is finally time to get some tenants in there. Create a comprehensive application and perform background checks for everyone who applies, and actually call the prospective tenants’ references.
Inspect the Property with a Prospective Tenant
When you have picked someone you might want to rent to, have them inspect the property with you before they sign the lease. This can help to avoid issues with the security deposit down the line. Bring a checklist along to verify that everything is in good shape, have the new tenants sign it, and keep it with the lease agreement.
Consider Hiring a Property Management Company
Property management in Park City, Utah can be complicated even if you follow all the above steps. There are many reasons to consider hiring a property management company in Park City, Utah, especially if you have many rental properties or work another job in addition to being a landlord. Property Alliance can manage every aspect of your rentals for you, so you can enjoy your rental income without the hassle.
