Increase Your Chances Of Running A Profitable Rental Property

Increase Your Chances Of Running A Profitable Rental Property


There is a lot that goes into dealing with the end of a lease. Just exchanging keys and handing off a check is the surest way to cost you money. Even if you have a great relationship with your tenant, you still need to protect your investment. There are some basic tasks that every property owner should do before, during and after the lease. Doing these minor tasks will save you time and money. They will also keep your rental property running smooth. If you follow these rules, you can increase the chances of having a profitable rental property:

  • Document Move-In Condition: Before you hand off the keys to a new tenant, you need to walk the property with them. It is likely that they saw the property with a tenant in place. Seeing the unit without any furniture or other items is often completely different. Some of the biggest disagreements at the end of the lease are about the condition at the beginning of it. Take pictures of every empty room on the day your tenant moves in and email them a copy. Better yet, you can take a video so there is no dispute at all. By sending physical evidence that is time and date stamped, you will avoid any arguments at the end of your lease.
  • Let Tenants Know What’s Coming: It is important that you give your tenants enough time to prepare to move out. In a perfect world, they will not have to scramble to repair or replace items. Beginning from about 45 days to the end of the lease, you should begin communication with your tenant. You should let them know that you will be showing the house on short notice. You should also make them aware of what the move out expectations are and what dates need to be followed. The more time you give them, the less chance that there will be major repair items needed.
  • Move Out Day: The most important part of moving out for a property owner is making sure the condition is how you left it. Most tenants will look for their security deposit at the end of the lease to use for another property. Depending on what state the property is in, you may have up to 30 days from the end of the lease to issue a check. You don’t need to take all this time, but you should not rush your inspection. If you have a large single-family property, there are many areas that need to look at. For starters, you need to make sure the appliances are in working order. From there, you need to make sure there are no problems with the toilets and sinks. This could take you five minutes to look at, or it could take you an hour. The inspection can take place later that night or the next morning. If your tenant is there, you could rush or listen to what they say. If you have any disputes, you can take a picture or video and send it to them. You should have the initial video from the move in that can resolve any disputes. There is no need to hurry on move out day. Tell your tenant that if everything goes well they will have their check 24-48 hours after they move out. By handing your tenant over a check that day, you lose any chance at using this money if you find something after the fact.
  • Update Contact Information: The last day of the lease should not be the end of your contact. Regardless if you are sending out a check or not, you need to have their information updated. Ask them if they have a new address you could send a check out to. It is also a good idea to get any updated email addresses or phone numbers. If you lose contact with your tenant once they move out, it is difficult to find them if you have a dispute down the road.
  • Document Cost of Repairs: You are not looking to make money with a security deposit. This should be protection against damage done to the property. Normal wear and tear is expected. Only if there are items that will cost money should you take it out of the security deposit. Along with physical evidence, you should send your tenant a copy of a repair estimate. Allow them to match this estimate if they can, but you have the right to use anyone you want. Time is important in repairing these items as you most likely have a new tenant coming in. Don’t squabble over a few dollars. Money is always important, but it is not worth getting into a dispute over $25.

Having a smooth transition from lease to lease is one of the most important things for any rental property owner. The easier you can make it on your tenant, the more likely they will refer your property. Happy tenants often equal a happy property owner. Make it easy on your tenant every step of the way and let them know what the expectations are from day one. The end of the lease doesn’t have to be a stressful time if you know how to handle it.

See more at: http://www.fortunebuilders.com/increase-your-chances-of-running-a-profitable-rental-property/

Comments

  1. When I originally commented I clicked the -Notify me when new surveys are added- checkbox and today each time a comment is added I get four emails concentrating on the same comment. Perhaps there is that is you may remove me from that service? Thanks!

  2. Shakira and Taylor Swift are my favorite singers, Shakira is great on live performance,.

  3. I believe this web site has got very excellent indited articles content .

  4. Hi my friend! I wish to say that this post is amazing, nice written and include approximately all significant infos. I would like to peer more posts like this.

  5. You really make it appear really easy together with your presentation however I to find this topic to be actually one thing that I feel I would by no means understand. It seems too complex and extremely extensive for me. I’m taking a look ahead on your next put up, I will attempt to get the hold of it!

  6. I am lucky that I noticed this web blog , just the right information that I was searching for! .

  7. Shania Twain for me is the best country music singer of all times, I also like Taylor Swift but nothing will beat Shania Twain.,

  8. I must express my gratitude for your kindness supporting men who must have help on your concern. Your special commitment to passing the solution across ended up being wonderfully advantageous and have continually helped many people much like me to get to their aims. Your personal helpful help implies a great deal a person like me and much more to my office workers. Best wishes; from all of us.

  9. pelen raport says:

    Youre so cool! I dont suppose Ive read anything like that just before. So nice to uncover somebody with some original thoughts on this subject. realy appreciate starting this up. this excellent website is a thing that is needed on-line, somebody with a bit of originality. valuable job for bringing new stuff to the net!

  10. zobacz tutaj says:

    Your place is normally valueble in my opinion. I am grateful!¡­

  11. Spot on with this write-up, I truly think this web site needs rather more consideration. I’ll probably be again to learn rather more, thanks for that info.

  12. An intriguing discussion is worth comment. There’s no doubt that that you simply write much more about this topic, may possibly not become a taboo topic but

  13. Eating foods rich in probiotics is the best way to make sure you’re keeping your gut flora healthy, however, people with dietary restrictions may need to supplement. When choosing a probiotic supplement, just make sure it contains high quality cultures and bacterial cultures that would naturally be found in the human intestines.

  14. I conceive other website proprietors should take this internet site as an model, very clean and superb user friendly design and style.

  15. Aw, this became incredibly good post. Back in thinking I would like to make a note of that fit this description brings about : slacking plus total strength to earn a pretty decent article… on the flip side what could As i say… I really wait a large amount as well as in appear go basically finished.

  16. I recently came accross your site and have been reading along. I thought I would leave my very first remark. Nice blog. I will keep visiting this site very often.

  17. toplist ekle says:

    I know this if off topic but I’m looking into starting
    my own blog and was curious what all is needed to get set up?
    I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very internet smart so I’m not 100% positive. Any suggestions or
    advice would be greatly appreciated. Appreciate it

  18. toplist ekle says:

    A person necessarily help to make seriously articles I would state.
    That is the very first time I frequented your web page and thus far?

    I surprised with the research you made to create this actual publish
    incredible. Great task!

  19. I am continually searching online for tips that can benefit me. Thanks!

  20. The when I read a weblog, I really hope so it doesnt disappoint me about that one. Get real, I know it was my substitute for read, but When i thought youd have something fascinating to say. All I hear is really a handful of whining about something that you could fix should you werent too busy searching for attention.

  21. witryna says:

    I appreciate making to debate this, I’m boldy about this and then fancy looking into more on this process topic. If it turns out would-be, any time you achieve professionalism, could you thoughts and feelings modernizing your own site utilizing even further help and advice? This can be very a good choice for me personally.

  22. An fascinating discussion will probably be worth comment. I do think that you can write regarding this topic, it will not become a taboo subject but typically everyone is too little to communicate in on such topics. Yet another. Cheers

  23. very good post, i certainly love this website, keep on it

  24. Hello there, Can I download your photo and usage that on my website?

  25. Thank you a bunch for sharing this with all people you really recognize what you are talking approximately! Bookmarked. Kindly additionally discuss with my web site =). We will have a link alternate contract among us!

  26. witryna www says:

    Uncertain concerning your own text. It appears to be okay, yet some thing can be missing

  27. Sanctum is a dull, predictable, and cliché thriller with terrible dialogue, a lame attempt at humor, some of the dumbest characters to ever be included in a film, and just a rather underwhelming journey in the end.

  28. Awesome blog! Do you have any tips for aspiring writers? I’m hoping to start my own site soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m totally overwhelmed .. Any suggestions? Thanks!

  29. After reading your blog post I browsed your website a bit and noticed you aren’t ranking nearly as well in Google as you could be. I possess a handful of blogs myself and I think you should take a look on it. You’ll find it’s a very nice tool that can bring you a lot more visitors. Keep up the quality posts

  30. Good Post, I am a big believer in placing comments on weblogs to help the blog writers know that they’ve added something advantageous to the world wide web!

  31. Good website! I truly love how it is simple on my eyes and the data are well written. I am wondering how I could be notified whenever a new post has been made. I’ve subscribed to your feed which must do the trick! Have a nice day!

  32. Excellent blog here! Also your site loads up fast!
    What host are you using? Can I get your affiliate link to your host?
    I wish my site loaded up as fast as yours lol

  33. Hello, Neat post. There is a problem with your site in internet explorer, would test this?

    IE nonetheless is the marketplace chief and a huge part of folks will miss your fantastic writing due to this problem.

  34. Useful info. Lucky me I discovered your website unintentionally, and I am surprised why this accident did not happened in advance! I bookmarked it.

  35. I blog often and I really appreciate your information. The article has truly peaked my interest.
    I will bookmark your site and keep checking for new details about once per week.
    I subscribed to your Feed as well.

  36. It’s an remarkable article designed for all the web visitors;
    they will get benefit from it I am sure.

  37. witryna www says:

    somtimes i also sell stuffs on craigslists because there are many users in it*

  38. pussy says:

    I was able to find good advice from your articles.

  39. I discovered your blog post internet site on the internet and appearance some of your early posts. Always maintain inside the great operate. I simply additional increase your RSS feed to my MSN News Reader. Seeking forward to reading more by you at a later time!…

  40. so much wonderful info on here, : D.

  41. MikePaito says:

    [url=https://paydayloans.us.org/]our website[/url]

  42. seroquel says:

    Ahaa, its good conversation about this paragraph
    at this place at this website, I have read all that,
    so now me also commenting at this place.

  43. Wһen taҝing into account the types of males’ѕ wedding rings іt is rather important
    to think about the indiᴠiduality of the paгticular person.

  44. As such a pᥙblic display, it is simple to slіde іnto the mentaⅼity of trying to impress others witһ an extravagant ring.

  45. Building machines must work in tough situations.

  46. А males’s white gold Ԁiamond marriage ceremony ring has an added ingredient to it.

    Vеry few men put on diamond-wedding ceremony rings and this
    makes iit a specialty.

  47. Qսeen Ⅴictoria beloved her snake engagement rіng that
    was designed especially for her by her beloved Ρrince Аlbert and it’s Ьelieved that she
    was caгrying іt when sһhe was buried.

  48. Thanks for all your efforts that you have put in this. very interesting information.

  49. Indiѵiduals need to community with individuaoѕ they know.

  50. I am impressed with this website , real I am a fan .

  51. suba buba says:

    7a1sBa magnificent points altogether, you just received a emblem new reader. What could you suggest about your publish that you simply made a few days ago? Any sure?

  52. 6. Guаrantee yߋur website platform is responsіve.

  53. Thank you a lot for providing individuals with an exceptionally pleasant opportunity to read articles and blog posts from this blog. It can be very awesome and jam-packed with fun for me personally and my office co-workers to search your blog particularly 3 times in 7 days to see the latest secrets you will have. And definitely, I’m so certainly fascinated for the outstanding advice you give. Certain 3 areas on this page are ultimately the most effective I’ve ever had.

  54. Website аnd Ecommerce Cart: An important issue.

  55. web page says:

    Hello there! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get my blog to rank for some
    targeted keywords but I’m not seeing very good success. If you know
    of any please share. Kudos!

  56. cheap viagra pills
    viagra no script
    cheap generic viagra online uk

  57. What happens to files when my wordpress space upgrade expires?

  58. I know many wikipedia articles contains copyright violation or licence violation. how do i do this..

Leave a Reply

Your email address will not be published.

Top