How can first-time landowners manage property with ease?

| Oct 30, 2020 | Real Estate Transactions | 0 comments

Florida is a great location to start renting out housing to tenants. Still, being a first-time landowner is a thrilling and scary first step no matter where you start. As you set off on your venture to become a landowner, you want as much knowledge and as many tools under your belt as possible.

Here you can find tips for managing property with as little friction as possible. This way, you can keep your tenants happy and keep a harmonious rental property.

Get everything in writing

Fit Small Business examines tips about property management from experienced real estate investors. They offer numerous tips to newcomers who are just starting out in the business. For example, they suggest putting all agreements with your tenants in writing. It may feel tempting to do informal deals, especially if you run a small property. But having everything in writing acts as strong legal protection if you run into the possibility of litigation in the future.

Do regular inspections and make quick repairs

They also suggest regular inspections of your property. No matter how nice and clean a tenant seems at first, you can never really know how they live. Frequent checks ensures you can keep the property safe, clean and in top running condition. It also allows you to notice any illegal activities that may happen on your premise.

Make repairs promptly, too. This is part of your duty as a landowner. If you fail to provide these basics, it is in violation of the law. Tenants who request repairs and do not get them can withhold rent, move out, report you to building inspectors or sue you.

In the end, you want to do everything possible to limit the chances of butting heads with your tenants. Keeping everything clean and being forthcoming can help a lot.