If you are a Landlord, or considering becoming a Landlord, I’ll guess that you’ve at least thought about the idea of Renters Insurance.
We take phone calls on a pretty routine basis from people who are considering renting out their home who really don’t understand, at a very basic level, what a Property Management company does.
It’s one of those, “So, how does all this work?” questions.
A question we get fairly often from Landlords is: “Should I Allow Pets?”
Generally, we recommend that our Owners open their property to pets. And there are a few reasons for that.
If you are a new Landlord, I’m certain you’ve asked yourself, “Do I really need to hire a Property Manager?”
Now, as an Owner of a Property Management company, you probably are thinking, “Well, I know what this guy is going to say.” But, my answer might surprise you.
One of the top questions we get from people who have never been a Landlord is, “What if a Tenant Destroys My House?”
It’s a certainly understandable question. Most people, who are new to our industry, have probably only heard the horror stories out there. Yes, Tenants can do a lot of damage to properties, but I can assure you, from our own experience, that it’s not common.
And while there are no guarantees, there are some steps you can take to help ensure your Tenant doesn’t destroy your property.
Always charge a security deposit when you have tenants move into your property. Avoid the “move in today with no deposit required” sales pitch because security deposits are really important.
If a tenant balks at paying a deposit or wants it divided up into three different payments over a few months, I would continue looking for a tenant. It’s always a concern if a tenant does not have the financial resources to pay for a security deposit and the first month’s rent.