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Rental properties can be a great financial investment, but many people who purchase these properties don't realize how much work is required to be a landlord. So before you start snapping up investment properties, read this article and get an idea of how much work can be involved. If it's still an investment you want to make, but you don't want to put in the time and labor, you can hire property management in Utah. Creating a Contract and Application The first thing you'll have to do after purchasing a rental property is to draw up an application and a rental contract. There are some templates available for these documents online, but every landlord's situation will be different depending on the individual property and the city it is in. In order to ensure that everything is covered properly in the contract, you'll probably want to hire a lawyer to look over the document for you, or to draw it up on your behalf. You will also want to make sure that the rental application asks for all of the information you'll need to select the right renter. With all of the different stipulations that may need to be included in a contract--terms regarding pets, repairs, late fees, etc.--it can be easy to overlook something. If you're not confident that you'll get everything written into the contract, then get help; you can hire a lawyer as mentioned above, or use a property management company who already has a drafted rental contract. Selecting an Applicant Once you have the application drawn up and the contract ready, you can start accepting applicants to rent your property. You'll need to be available to show the property to interested parties and collect the applications from them. Then, you'll need to sift through all of the applications and select the right tenant. This can be a very stressful job, as you may have dozens of potential renters to choose from. Choosing the wrong one could end up making your job as a landlord quite miserable, so you need to choose carefully. Take your time to find the right renter, even if it means having a vacant property for a month or two. Maintaining the Property After a tenant has moved in, you'll have to ensure that the property is properly maintained and cared for in order to be a livable environment for the tenant. This will include conducting repairs both small and large, from replacing damaged blinds to repairing plumbing and electrical problems. Obviously, if you're not qualified for any of these tasks, you'll have to find a contractor to do the work for you. You will also have to make sure that the tenant does their part to maintain the property. That means avoiding any undue damage and keeping the property clean. You may want to include regular property checks in your contract so that you can periodically come and inspect the apartment to ensure it is being well cared for. Collecting Rent You'll also be responsible for getting those monthly checks from your tenants, and dealing with any late fees if the situation arises. If you have a good tenant, this isn't too much of a hassle; they'll pay on time and you won't have to hound them for your rent. But if you get a tenant who is forgetful or struggles to pay the rent, you may have to bother them daily in order to get your rent, much less any late fees they incur. In some cases, you may even have to take them to court to get your check. Being a landlord is no easy job. If all of this seems overwhelming, but you still want to invest in rental properties, then look for property management in Utah.
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