Self Managing Your Rental Property: What to

Consider

Chris Pleshaw

Property Management

• It’s always a big investment when you purchase a property, no matter the size

• What you do with it after is up to you• People purchase a property to either live in

it or rent it out to bring in a second income.

Property Management

• When renting your property out to tenants, a lot is to be taken into consideration

• Should you fail to take some important things into consideration, you may pay for it via your wallet down the road

• Let’s take a look at some important aspects to take into account before agreeing to rent your property out to tenants.

Screen Tenants• This is an obvious one but still some people

fail to do so and pay the price for it later• This should include rental applications,

credit reports, and a very strong lease agreement with no loop holes. Your rental application should ask for previous renting history and a reference from a previous landlord. This gives you a great idea of the type of tenants you may be handling.

Tenant-Landlord Relationship

• There are laws in place to help regulate a tenant-landlord relationship

• It can be difficult to handle a tenant who has proven to be difficult all the while abiding to laws

• You have to be a great communicator as to what’s expected of a tenant to not run into problems down the road

• Sometimes personal beliefs can get in the way of an agreement but you have to abide by laws when handling matters centered around personal beliefs

Tenant That Don’t Pay

• You need to have a process in place for when these circumstances arise

• This starts with strong wording in your lease agreement

• You also want to have protocol in your lease agreement that outlines what happens when a tenant is late with rent or how late is allowed

• Without these processes, you have no backing for when rent is not paid or is late