Long Term Rental Properties
Long term rental of residential property typically refers to duration of lease of 12 months. It could be less or more than this duration.
Rental potential of the property depends upon the location of the property, the facilities associated with it, HOA fees, furnished or unfurnished, proximity to marketplaces, and school district, etc.
A rental property and its tenant have their own sensitivities to give best of their potential performance.
Sensitivities of Long -Term Rental Properties
- A qualified and apparently reliable tenant who pays rent electronically without reminder.
- Maintenance of property related complaints.
- Property insurance that covers tenants of rental property.
- Change of the tenant when it is due.
- Security features in the property to protect property and the tenant.
- Homeowners Association (HOA) often have some restrictions for the landlords to adhere to.
- Written approval of the HOA is often required to lease out property to ensure the tenants are well informed of the by-laws of the Association.
Long Term – Rental Properties Management
Getting reliable and good paying tenants is always very challenging, and many times very stressful. In our view, it is always be more than worth to engage services of a Real Estate Professional Properties Management broker firm to manage your rental properties. Not only they have incentive to find tenants for you, but will also take on legal issues with tenants. They generally have maintenance crews to attend promptly to properties complaints when they come up. Keeping tenants happy in your properties is means cash flow. Vacancies and turn overs are generally expensive.