Many investment property owners hire a property manager to look after their property, or multiple properties, so they can focus on their own lives and job. But little do they know that they’re still responsible for their investment property, despite contracting an agent to work on their behalf.
Here is a list of what responsibilities you’re still subject to as a landlord:
Follow up reports
Ignorance is not bliss and landlords cannot afford to be in the dark where their property is concerned. That’s why you must make an effort to regularly keep in contact with your property manager agent to ensure everything is running smoothly.
This is easily achieved by following up your rental property reports. Your agent should ideally be sending them out to you every three months. Reports should outline tenant rental payment history, maintenance, property inspections, issued notices and any other information regarding the property.
By being aware of such information, you heave peace of mind knowing your rental property is being managed legally and efficiently. Remember, there are tenants out there who very much know their rights. If you do not know your landlord rights or are following up your reports, you could be taken advantage of.
Work through problems with your property manager
Have you discovered that an undesirable tenant is living in your rental property? While some tenants travel a tough road and have resorted to taking matters into their own hands (which sometimes is their only option), you’re first port of call should actually be to speak with your property manager first.
It’s much more effective to deal with and work through tenant/rental property issues with your property manager. Ask them what has gone on. You can also refer to your reports and decide for yourself whether your agent has acted appropriately. If not, you can solve the issue by suggesting to take another course of action that will yield better results.
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