3 Things Military Members Can Do To Protect Their Rental Properties
Posted on: 22 December 2016
As a military member, moving to different parts of the country, or even around the world, is a way of life. However, when you're the owner of a home that you're renting out, this can add a level of stress and complication to the situation. Relax, there are some things you can do to ease your concerns and better ensure your property is okay no matter where you're stationed.
Don't Just Choose Any Tenant
Make sure you aren't just choosing the first tenant that applies for the property. Since you will be so far away from the property, having a well-suited tenant in the property is even more important. To better screen applicants, invest in a proper credit and background screening.
There are several online services that can provider these searches for you for a fee; just make sure they are licensed. You also want to take the time to verify applicant rental history. An applicant with a less than stellar reputation for paying their rent at their last place is likely to carry these behaviors to your property, which is something you don't need.
Hire A Property Management Company
If you're trying to manage the property while focusing on your service, deployments, and living hundreds of miles away from the property, you're putting unnecessary pressure on yourself. Hire a property management company instead. These companies can handle every aspect of your rental property from screening applicants to fulfilling maintenance request.
Generally, the company will keep a certain portion of the rent you collect to cover the cost of their administrative fees and another amount to cover the cost of any unexpected maintenance issues that may arise. The remaining balance is immediately forwarded to your account, and you're stress free.
Prepare For Evictions
When you sign a lease with a new tenant, you never expect that there will be issues; however, things can always change course. To protect yourself and your property, have an eviction plan in place ahead of time. First, research how much legal evictions cost in the state where the property is located, as costs vary widely between states.
It's best to already have this money set aside so that in the event of a wayward tenant, you can get them out of your property as quickly as is legally possible.
Given your situation, proper planning is key. Make sure you're prepared and equipped with the right tools to protect your property.Share