Success in Property Management can be found in several areas.
- Landlord-Tenant Act
- Lease
- Maintenance
- Property Insurance
- Section 8
- Warranties
- Landlord-Tenant Act:
- Understanding the laws governing the Landlord-Tenant relationship is necessary to protect your rights as well as the tenants.
- Lease:
- A proper and legally binding lease helps spell out the Landlord-Tenant obligations for providing and maintaining the property in specified ways.
- Maintenance:
- Both parties agree to maintain the property. You should keep the property in the best condition as possible. This helps preserve your property’s value.
- Property Insurance:
- Maintaining dwelling insurance is essential. You should also encourage your tenants to get content insurance. This is usually fairly inexpensive.
- Section 8:
- Having section 8 tenants is a great way to ensure timely rent payments. However, you may not fully realize potential rent as Section 8 is usually below market rents.
- Warranties:
- Having some type of home warranty is a good way to avoid high payouts for repair or replacement of air conditioners, water heaters, appliances, etc.
Property Management begins with understanding the Landlord-Tenant Act
