Maintaining Your Investment Property’s Value While Maximizing Rent Potential

Staying engaged with your asset after it has been rented is the single most important thing you can do.

1) Your Lease Agreement should state the parameters to which you can enter the premises when you need to for repairs or want to do an inspection.

2) Some Management companies like Heartland Property Management do a Move-In checklist with the resident to have both parties sign-off on the delivered condition of the home. Any imperfections are noted on the form and the checklist is signed by both parties. Heartland then does a semi-annual inspection of the home. Any issues with the home condition that are not considered normal “wear and tear” or in addition to any imperfection noted on the Move-In checklist is noted. The tenant is responsible to pay to have the issues fixed professionally if the Lease Agreement is written properly and the tenants are charged for the repairs and in extreme cases the Security Deposit is used to pay for the repairs and tenant charged through monthly rent to replenish.

3) Screen your tenants with a strict set of guidelines. Heartland requires the tenant to provide 30 days of pay stubs, Driver’s License, comply with a criminal background and credit check before being able to rent a home.

4) Communicate with your tenant on a regular basis to ensure repairs are being made timely and not being ignored, that there are no issues with utilities and that the home is in the same condition as it was originally rented