For Landlords of Commercial or Residential Property: Part 2
4. Fulfill Your Duties as Landlord.
Keeping up with maintenance in a well-timed manner is one of the most essential responsibilities a great landlord in Burbank will do. Is the lawn mowed on a frequent basis? Is all the plumbing in perfect working order? If the owner isn’t skilled in plumbing, carpentry, and electrical problems, he or she should have a very good handyman available at all hours who.
5. Have an Insurance Policy
Having full rental coverage and property liability insurance is very necessary. All it takes is one lawsuit, fire or accident to create devastating losses a landlord may not get over. A landlord needs to also have cash put away for any contingencies and repairs that insurance may not cover.
6. ‘Let only’ or ‘Managed’?
Consider who will manage the property after it has been put to lease. ultimately this comes down to what’s pleasant for you, the proprietor. Many Landlords have the sufficient time and experience that allows them to manage the property themselves, while others may probably prefer an Agent to do the management for them. In determining what’s nice for you, always consider:
- How easy is it for you to coordinate maintenance problems and visits to the property?
- What level of knowledge do you have concerning the law governing tenancies?
- How much direct contact do you require to have with the Tenants?
- How do the costs and charges differ?
