With the end of the year coming soon, now is a great time to evaluate your rental property as you would other investments. A year-end review of your investment is a smart idea to assess any changes or improvements to make. Here are seven questions to ask yourself and discuss with your property manager before 2015.
1. Is there room to increase the rental rate or change the lease terms, given area rental statistics and economic factors?
2. When will the current lease be up for renewal and when can the manager make changes?
3. Do I have adequate insurance coverage for flood, frozen pipes, code compliance, or loss of rent?
4. Do the current tenants have renters insurance, with a current certificate?
5. What maintenance and manager upgrades can I make in 2015 to increase revenue or to ensure code compliance?
6. Do I have all of the receipts needed for tax preparation for maintenance and improvements? (RPM provides all necessary documents)
7. Do I need to register my property with the city or county, or renew any licenses? (RPM automatically handles these tasks)
Need to make a change in 2015, contact Real Property Management for a free quote. For over 30 years, Real Property Management has developed intelligent solutions for thousands of individual property owners, investors and Realtors.