As a landlord, there are many tax breaks you can take advantage of such as the ability to write off insurance premiums, maintenance, and standard operating costs – all of which can help to generate optimal profits for your property. But being a landlord isn't all fun and games. Making sure that your property stays in good condition is hard work. Here are five tips and tricks that can help you get the job done:
Require Semiannual Inspections
It's important to personally inspect your property twice a year to ensure that everything is in good working order and nothing is damaged due to neglect or wear and tear. There's always a chance that damage won't be reported by tenants, and the longer the damage is allowed to fester the most costly it gets to repair.
Bring along a camera and checklist to keep track of any damage you find so you can determine what should be billed to your tenants, if anything. It's a good idea to make stipulations in your rental agreement that outlines what type of repairs tenants are responsible for so there isn't any confusion if a repair bill arises.
Hire a Monthly Landscaper
There is no reason that your tenants can't tend to the landscaping while they live there, hiring a landscaper for a manicure once a month will help to ensure that weeds don't get out of hand, and that the general décor of your landscaping stays intact as you like it. Your landscaper will also ensure that grass doesn't die, the trees stay strong, and your gardens aren't neglected to a point of failure. Your landscaper may be willing to provide you with progress reports about the condition of your property during each visit too.
Stock a Utility Storage Space
You can encourage your tenants to take good care of your rental property by stocking a utility storage space with basic goods that will help to get the job done. In addition to a lawn mower and rake, the utility space should have:
- Hammers and Nails
- Extra Water and Air Filters
- Fertilizer and Weed Killer
- All-Purpose Exterior Cleaning Solution
These accessories will make it convenient for your tenants to take care of some maintenance and easy repairs themselves instead of calling you for support when something's been left unattended for too long.
Install a Surveillance System
Installing a surveillance system on your property benefits your tenants because it helps to protect their personal belongings, and it benefits you because it allows you to capture thefts, robberies, and even property damage done by the tenants themselves. The video surveillance can come in handy if legal proceedings are the result of an incident. And knowing that security surveillance is set up on the property, your tenants will be more likely to take special care when maintaining your property.
Rent a Roll off Dumpster
One of the best ways to make sure that your property doesn't end up housing a bunch of junk and unneeded belongings, consider renting a roll off dumpster once or twice a year and having it dropped off at the property so your tenants can do a little "spring cleaning" on you. A roll off dumpster can be dropped off on a specified day that work best for your tenants and then picked up again once it's filled up.
This will give tenants an opportunity to get rid of trash, old carpet or wood, and other miscellaneous items that don't belong on the property. You may want to schedule your inspections around the time the dumpster is at the property so you can get rid of old appliances or other items that need to be replaced. For more information, look at sites like http://www.tri-statedisposal.com/.
These tips and tricks will make life more convenient for your tenants while at the same time safeguard your property so it remains a good investment for years to come.