As a Property Management Company in Lawrenceville Georgia, I receive my share of phone calls from
home owners with a variety of concerns and interesting stories. Usually, the calls are prompted by events that have already happened. Unfortunately, the solution or recommendation is not going to an easy or a cheap fix. After 9 years of offering Property Management Services in Gwinnett County, Georgia, these are the 5 things I recommend all homeowners to do before they rent out their most expensive asset.
First on the list, change your home owner’s policy to a Landlord Policy. Without this change, an accident or damages may not be covered. The good news is your premium will probably be less. Be sure to check your coverage if the home is vacant for more than 30 days.
Secondly, get an Umbrella Policy. You may not like the expense, but you will love the coverage if it’s ever needed. In our society, owners of rental property are often seen as having deep pockets. This is the first sign attorneys look for in a lawsuit. Prices vary from $250-$450 for coverage up to a million.
Thirdly, create an LLC for liability protection or start a Land Trust. Hire the LLC to manage the property or deed the home into a Land Trust. The goal here to create a buffer so to speak.
The fourth recommendation is educating yourself on Landlord Tenant Laws. I do find that people who rent or lease homes are more educated in this area than owners. That’s like hiring a CPA who knows less than you do to do your taxes and negotiate with the IRS. Trust me when I say that the time to learn is not in front of a judge in Magistrate Court. Get a copy online read it, understand it, and then go to Magistrate Court for a day no less than two times. Your view on our state of society and educational system will probably change. It will not be a waste of time. Think of it like going to a movie. It is entertaining.
Last, but not least, hire someone to inspect the property for security and liability issues and fix them. This is about property preservation and liability issues. Neglected maintenance will cost you big time if left unchecked and an unsecured railing will affect more people than you. You owe it to the family leasing the home to provide a safe, secure place to live. After all, that’s what they are paying you for.
There you have it. You can sleep better at night knowing you have done what you can to provide a great place to live and protected yourself at the same time.
4th Avenue Property Management is a Property Management Company in Gwinnett County, Georgia. We offer Property Management Services specialize in rental property management in Lawrenceville, Buford, Suwanee, Sugar Hill, and Dacula Georgia. If you are currently selling or renting a home, visit us at https://www.7708262426.com/, for a solution to your real estate needs.