As a first-time landlord, you need to consider several factors to ensure your investment is as secure as possible. Here are a few tips to help you stay in control and protect yourself as a landlord.
- Choose the Right PropertiesThe right properties will be easy to rent while offering popular amenities and comfortable living. A quality property will be close to the things the renter needs and still be in a good area of town.
- Buy a Quality Insurance PolicyHaving a quality insurance policy is also a must. A good policy and the right insurer will ensure that you are in good hands if something happens or goes wrong. In addition, working with an agent you trust will ensure that things go smoothly if a claim ever needs to be filed.
- Screen Your Tenants ThoroughlyDo background checks and ask for references. When you have all the information you need, go over it carefully. Contact the references to guarantee they are valid. Look into the applicant’s social media profiles. If they are public, they will provide you with a wealth of information.
- Set up a Smooth Collection ProcessHave a rent collection process in place that goes smoothly. Offer to take digital payments as well as money orders and credit cards. The more options you offer, the easier the process will be. Avoid accepting cash, however. This eliminates confusion and guarantees a paper trail.
- Hire the Right ProfessionalsHire professionals that are easy to work with. This includes office staff, maintenance professionals, and property managers. With the right people on your team, things will go smoothly from start to finish, and you will have the peace of mind you need to enjoy being a landlord.
As a first-time landlord, you will have a lot to learn. Make sure to cover your assets with the right insurance policy to protect yourself from unforeseen liability claims. Contact us today at Steve Wilk Insurance Agency to get started on your customized coverage.