Managing rental properties is not always a walk in the park. As a landlord, you will have your fair share of challenges and disappointments. But many of these things can be prevented if you have a clear-cut strategy. Here are some dos and don’ts that will surely make managing rental properties a lot easier:
Do Know and Understand the Law
Make sure you read everything you can about the laws involving rental properties and tenants. Make sure you know what the rights of your tenants are so you don’t accidentally violate them. You can do your research about the screening process so you are not being discriminatory with your tenant choices.
It’s also important to know what your rights are as a landlord. These things can protect you from the challenges of being a landlord.
Do Pay Attention to the Screening Process
Using the right way to screen your potential tenants can save you from a lot of headaches in the future. When you screen your tenants properly, you will be able to weed out the good ones from the bad ones. This is important so that you can avoid possible evictions in the future. Evictions often tend to be stressful.
Don’t Use a Lease Agreement Without Having It Checked by a Lawyer
Come up with a lease agreement that you know is favorable for both parties and does not violate the rights of the tenants. When in doubt, you can have it checked by a real estate lawyer. It’s better to go over the legalities of the agreement rather than have it signed and then end up with a lawsuit later on.
Don’t Forget to Obtain Insurance
Having insurance on your rental properties can help you during those unforeseen disasters. But do encourage your tenants to have rental insurance as well. Tenant insurance can protect their personal belongings, which are usually not covered by your landlord insurance. In case someone breaks in and steals their stuff, they can include that in their insurance claim.
Do Hire Property Management Companies in Burnaby to Help You
There are many stressful things that landlords often have to deal with. If you don’t want to go through all of these hardships, you can always hire property management companies in Burnaby. With the help of property management companies in Burnaby such as Axford Real Estate & Property Management Group, you can get help with a lot of things such as the collection of rent, dealing with evictions and the maintenance of the property, and screening your tenants thoroughly.
Look for property management companies in Burnaby with a solid track record. Make sure they have been in this business for a long time now and they have helped many landlords maximize the income potential of their rental properties.
Jason Harris is the author of this article. For more details about Property Management Companies in Coquitlam please visit our website: axfordpropertymanagement.com/homepage