It can be exciting to buy your first rental property, but what should you do before you rent it out to tenants? There are many things that need to be done before the rental is move-in ready. Failing to do any of these could result in inconveniences as well as legal hassles.
Get Insured
Insurance is a smart way to protect a rental management Fort Smith company. Property managers should be aware of the many issues that can occur. Accidents, theft, and extreme weather conditions can leave your rental damaged, flooded, or burned down in a fire. Without insurance, you are held liable for damage and any subsequent lawsuits which can cause you to lose your possessions. Check into a landlord insurance policy to protect you from any damages or stolen items. You should also buy a general policy that will protect your tenants and their visitors should they fall or have any other type of accident and get injured.
Get the Rental Serviced
Even if you just purchased it, that does not mean the previous owners took care of it and had everything cleaned and serviced before the sale. Take the time to make sure everything is in good working order and without any cracks or other damage. By doing this now, you can avoid costly repairs down the road as well as the inconvenience of emergency phone calls in the middle of the night.
Learn the Laws
There are many state laws regarding landlords and tenants. Before renting out the property, a rental management company should review state laws regarding security deposits, late payments, making sure the property is habitable, and selecting tenants. Both the property management company and the property owner could face legal issues if you fail to follow any of the rules, so become knowledgeable in order to avoid disputes.
Do you lack the time or know-how to manage your rental property? Let Real Property Management Northwest Arkansas handle the work for you.
