To carry forward with the previous blog (see tips 1, 2 and 3 there), Picket Fence Properties, Northern Colorado’s premier property management company, has complied three more success tips to ensure that your new venture as a landlord is profitable for your financial future.
#4: Have an Organization System
A a landlord, there are many legal and tax responsibilities for a rental property to consider. Keeping this information in an organized system will ensure you have the proper documentation in place, should the moment arise when you need it.
Setting up the rental property with a separate bank account will keep all debts / profit grouped together. This will help an accountant when filing taxes (should you chose to outsource this task.)
In addition, some landlords will set up a P.O. Box to have all correspondence related to the rental property have one location collection source. This will help your tenants have a direct easy contact. For you, this will ensure mail is not misplaced.
#5: Routinely Inspect the Property
As the property is an investment for you, it should be treated as such. Routinely checking on your investment (every three months is recommended) ensures your investment is being properly maintained.
Routine inspection will help you fix a small issue prior to it becoming a substantial issue that will be costly to repair.
Additionally, put the verbiage of routine inspection of the property in the rental / leasing agreement so your tenants are aware of the routine inspection up front.
#6: Have Attractive Landscaping
Think of your property not only as an investment, but also look at the elements of the property that would entice a person to want to live there. Simple investments into privacy from neighbors, soundproofing walls, and tree maintenance can result in quality rental tenants. (And less complaints, which is an added bonus for you!)
Remember, having an organization system in place that keeps your details grouped together is a benefit for you. Routinely inspecting your property every three months is a step to protect your investment. Attractive landscaping can entice the right people to be tenants. Each of these success tips will generate you peace of mind as a landlord and protect your investment in the future.
Helping you keep your house a home,
Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you a owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.