Renting out your place, be it an apartment or commercial space, is never an easy task. It's not just mere process of searching for tenants and later on extracting some juices from them. In reality letting a piece of a property to be rented by somebody may actually bring some headaches, especially if you are not prepared and well-equipped for it. Now here below are some tips, as also discussed by propertycluster, on how to fix some concerns as a landlord.
Property Maintenance
Managing a property is not just limited to fix and repair issues. For aside from overall cleanliness and maintenance that should be addressed, a landlord should also find some fix to some concerns being raised by tenants. This would include payments concerns and even noise concerns from neighbors or the other way around. That is why you should set some rules and guidelines, and see to it that tenants would adhere. In order to check on this one, you as landlord should have a frequent visit and even dialogue with your tenants and some neighboring individuals.
Damages
In relevance to maintenance, it cannot be avoided that some damages to property are being reported. It can be traced from the wrong mentality of some tenants, treating the place as a mere transient dwelling, thus not giving due respect to the place and with objects around and within it. In order to address this concern, a simple fix would be a constant reminder. Aside from it you may also collect security deposit from tenants in order to replace some damages with the property.
Taxes
Since you are running a business and of course earning an amount from it, you should be updated with your taxes. Propertycluster suggested that you should "keep a track of the real value of your property and its depreciation value. You also need to keep meticulous record of how much you are spending on the upkeep of the property."
There are other concerns which need landlord fix. The ones highlighted above are the most common issues which require your first-hand decision as a landlord in order to arrive at a solution. You may also consult other property owners for some practical tips.
