Receiving timely payments from your tenants is key to running a successful rental property. Having responsible tenants is the first step in ensuring you can count on these payments every time they are due. This is why conducting a thorough check on your potential renters’ finances and their ability to pay is so important. However, even tenants with an excellent history can slip up when it comes to payments. Life happens: whether it is the COVID-19 pandemic or family troubles or the loss of a job, it’s always best to expect the unexpected. As a landlord, you know you can’t plan for every single scenario. What you can do is be prepared by factoring late fees into your lease agreements, and enforcing them when the need arises.
Fall is here, and that means it’s time to update your to-do list. The leaves are falling, winter storms are coming, and tenants are ready to enjoy the holidays and cozy up in their units. With all of this in mind, you might be realizing it’s time for maintenance. Although it can seem like a hassle from the outset, it’s important to remember upkeep is vital to the longevity of your property. You want to protect your investments and provide a safe, welcoming living space that tenants can call home throughout the year. While the change of seasons can present new challenges, they also provide opportunity to confront any issues head on (before they become larger and more expensive to deal with). It is key to stay ahead and manage your property with the utmost care.