Owning an investment property in Cary could be a great long-term investment option. While there are benefits that come with owning investment real estate, it can also be a challenge at times. Even when following the best tenant retention tips and choose qualified tenants, there issues that arise things that need to be dealt with. Fortunately, there are tips that you can follow that could help you to better manage even the most challenging situations.
One of the most important things to do is follow a consistent approach. You should have policies and procedures set up to follow if a tenant falls behind on rent. Our Cary based property managers are experienced in these processes.
Keep Records and Documentation
When struggling with a tenant that consistently falls behind on rent, or threatens lawsuits, our experienced Cary property managers make sure to keep proper records at all times. It is very important that you document interaction with emails, letters, and other forms of correspondence. This could be valuable in the event the case goes to trial.
Deposits and Insurance
Another headache for landlords is rental property damage. Accidents do happen. Make sure that you are covered in the event of rental property damage by contacting your insurance agent to discuss options to protect you and your home. Require your tenants to carry a renter’s insurance policy. Require a security deposit up front in certified funds to cover damages at move-out.
If you are a property owner in Cary, contact us today to learn more about the services Barker Realty can provide you on managing your investment property the right way.
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