I hope that you have read my previous post, if you haven't this one won't make much sense. So go ahead, I'll wait. Ready? Good, let's get to it.
I have done property management, and I've done it on a fairly large scale for a relatively demanding segment of the populous. And I have never had an owner who did not maintain the property -- not because I didn't have any ask me to handle their dumps, but because I refused to handle them. Not only do I not need the headaches, I don't want my name associated with that of a slumlord.
Why on earth wouldn't you WANT to protect your investment? You were smart enough to buy it, now be smart enough to maintain and protect it. In the end, yeah, you're hurting tenants, neighbors and the community. But the one who is really being harmed -- well, grab a mirror, 'cause it's you.
If you are going to be in the rental game, great. Let's do it right. Your place doesn't have to be the Taj
Mahal, it just has to be a place you'd be willing to let your mother/child/dog live in.
- Be sure the property is clean and in good repair BEFORE you put it on the rental market
- Have the yard in good shape so that the tenant will be able to keep it in shape. This will help to set the bar on what you expect from your tenant. And what they can expect from you.
- Hire yourself a GREAT property manager. They're out there and they do a heck of a job. Let them handle the headaches for you. Do what they suggest. They know better than you what is needed or required in your market.
- Have prospective tenants vetted properly. Your Property Manager should speak to previous landlords. Get the scoop on how they treated previous residences.
- When an issue arises, deal with it immediately. Handle it as you would want it handled if it were your primary residence.
- When a tenant moves out -- clean the carpets and paint the walls -- every time a tenant moves out.
- Make sure your property manager is checking on your property at least every couple of months. Even a drive-by is better than nothing.
There are financial reasons for you to protect your investment. There are moral reasons for you to maintain your property. I don't really care which one strikes a nerve, just as long as one of them hits the intended target and you pay heed.
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