According to recent data, there are close to 48.5 million rental units in the US. Have you recently purchased a property with the hopes of becoming a residential landlord? If so, congratulations!
You've got an exciting time ahead of you but it's one that's also going to be filled with work. There are many essential landlord responsibilities that, at the moment, you may not even be aware exist. That's where this guide comes in.
If you'd like to make sure you're covering all your bases when it comes to property management, a checklist can come in very handy indeed. Read on for a rundown of everything you'll need to do to get your unit move-in ready.
1. Perform a Property Maintenance Inspection
The first thing you'll want to do is perform a thorough property inspection. In Florida, there are certain standards your property will need to meet so you should find out what these are and then make sure your property is up to snuff. Make sure the unit is safe and secure.
You should inspect the roof for damage, test the integrity of the structure and scour the space for mold. You will also want to check things like the HVAC system, as this might need to be replaced.
2. Decorate the Home
Once you've made the property livable, you need to assess whether there are any other modifications you need to make. A lick of paint can really help to revitalize a room, and it doesn't cost much to add.
You need to decide whether you're going to furnish the apartment or not. If you are, you'll need to make a list of all the furniture you need to get.
- Coffee table
- Kitchen Table
Then there are the white goods like your fridge, oven, and dishwasher. Adding these items can help to increase the value of your property.
3. Sort Out Documents and Legalities
Aside from all of the physical and practical considerations, there are many other important parts of becoming a landlord. You'll need to register as a landlord with the IRS and figure out which taxes you need to pay. You might consider hiring a rental property accountant for this task.
You'll also need to work out how you're going to go about tenant screening. Have criteria in place that you want to see from each application.
Then there's the lease agreement. How long are you going to offer leases for and what will be the terms of these leases? Things like this are important to decide early on.
A List of Landlord Responsibilities Made Easy
When you've been a rental property owner for a while you'll realize that a landlord's duties are never done. If this all seems a little overwhelming to you, then you might want to bring someone on board to assist with your newfound landlord responsibilities.
Give us a call today to see how we can help you manage your property in the best way possible.