Safeguarding your Rental Homes
Rental homes are a great investment but you”ll have to make sure that you manage them properly. The property manager on sight has minimal powers and cannot always take immediate action or make certain decisions regarding damage to the building.
It is important for you as the owner to visit your rental homes at least once annually. Here are a few reasons why:
It is common knowledge that supervising from a distance will work 1 out of 3 times. The instructions given to the manager on the grounds can easily be overlooked in your absence or communication lines may get messed up.
Tenants might, without your knowledge, break certain city laws, which can get you into trouble. Unreported damages to public utility systems like water pipes, sewer lines and electricity posts by tenants may end up on your lap as the landlord.
Getting to know your tenants and meeting them frequently gives you the advantage of acquiring first-hand information about your building or unit. A healthy relationship with your tenants makes them feel respected and gives them a sense of pride in the place. They are more likely to treat your home with more respect as a result.
Always make sure that tenants sign an agreement before moving in to clarify all the terms and conditions of living in the building. Any agreements that are not stated in the contract should be added to it. Verbal agreements won’t be valid in court if there is a written contract in place.
As a landlord, the responsibility of maintenance lies on your shoulders. The truth is that unless you visit your homes regularly, even just once a year, you may never be able to keep tabs on what really goes on in your rental units.