When you’re managing your own rental property in Roswell, you need to be aware of a few important things that will impact your success as a landlord. Here are several things to consider as you’re establishing yourself as a rental property owner.
Use a Good Lease
The first pillar in property management is your lease. Use a lease that is legal in the state where your property exists. Don’t go to the Office Depot and use one of their lease templates. You want to make sure your lease follows the tenancy law in the state where your investment property is located.
Tenant Payment Options
Consider tenant payment. This has changed a lot over the last few years. Tenants are not going to show up with cash to pay their rent, and they probably won’t even want to use checks anymore. Tenants are expecting that landlords will allow them to pay rent online. So make sure you can take electronic checks, credit cards and debit cards.
Handle Maintenance Efficiently
Consider a formal work order process or management system. Think about how to handle incoming repair requests from your tenants, and how you will track them with contractors. You’ll need a system for gathering invoices and paying your vendors as well, so you can close out work orders.
Develop an Inspection Process
You also need to figure out how you will you manage your inspection process. Some states require that you have a signed move in inspection with the tenant, and that’s followed with a signed move out inspection with the tenant. If you don’t have both documents, a lot of states won’t allow you to deduct repairs or damage from your security deposit.
Know the Security Deposit Laws
A Few Things to Consider When Managing Your Own Roswell Rental PropertySpeaking of security deposits, it’s important that you understand your state’s requirements for returning the security deposit. In Georgia, you must return it to the tenants within 30 days.
If you’re managing your own rental property and you have other questions, we’d be happy to help you out. Contact us at DKRentals.net