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5 Essential Tasks for Successful Landlords

Sep 13 | 2023  by

In the world of real estate investing, landlords grapple with a multitude of responsibilities. To ensure a successful rental property, landlords should not overlook this checklist with five essential tasks.

Successful Landlord Checklist

Diligent completion of seemingly simple tasks can have a significant impact on your rental property business. Creating an inventory checklist, maintaining an accurate ledger, and keeping a cash reserve for maintenance, among many others, can make all the difference. By prioritizing these tasks, landlords can safeguard their investment, establish positive tenant relationships, and effectively manage their rental properties.

1. Create an Inventory Checklist

At the initiation of the lease, you should have your tenant complete an inventory checklist. This list should describe the condition of the property in great detail. This is helpful at the end of a lease because security deposits can be withheld for damage to the property. This inventory checklist will be your best proof of the property’s initial condition and any new damages. Along these lines, taking photos of videos of the property while it is vacant is especially helpful.

2. Maintain an Accurate Ledger

Keep an accurate ledger of rental payments. You want to keep track of all the money you received or didn’t receive from the tenant and the dates you received the money or the date that money was due. Besides keeping you organized, a ledger will help if you ever have to evict the tenant.

3. Keep an Emergency Cash Reserve

Owning rental properties is an investment. While you will be making money on this investment, real property still requires consistent maintenance. This maintenance ranges from minor repairs to putting a whole new roof on the property. It would be a shame if your investment suddenly turned into credit card debt.

4. Place Security Deposit in an Escrow Account

Do not forget that the security deposit is always the property of the tenant. No matter the reason you requested the funds, the funds are refundable at the end of the lease. Therefore, it’s best to keep these funds in an escrow account to assure yourself that you don’t spend the funds.

5. Utilize a Team of Professionals

Owning investment property should be treated as a business. For any business, you need a team of professionals. this team also needs professionals like contractors, plumbers, electricians, lawyers, and accountants. You may also want to hire a property management company if you have a full-time job and/or multiple investment properties, as it’s increasingly difficult to handle the day-to-day management of multiple rental properties.

Real Property Assistance | Fausone & Grysko, PLC

Being a successful landlord requires careful attention to detail and proactive management. By implementing these five essential tasks, landlords will create a successful and profitable rental business, while providing a high-quality living experience for their tenants.

If you have questions about your rental property investment, contact attorney Denise Medina today. Denise can be reached by phone at (248) 912-3220, or by email at dmedina@thefgfirm.law.