Congratulations on becoming a first-time rental property owner! Owning a rental property can be as fulfilling—and sometimes as challenging—as parenthood. This guide will help you navigate what to expect, what not to expect, and how to prepare for the unexpected.
Tell Your Property Manager Everything
One of the biggest keys to success is full transparency with your property manager. We’re here to catch issues before they become big problems, so the more details you share, the better we can protect your investment. Here are some examples of information that can make a real difference:
- Roof Installation and Repairs: Knowing the year the roof was installed or last repaired is crucial. Many roofs have warranties or specific lifespans, and this knowledge helps us plan for routine upkeep or repairs and manage expenses.
- HVAC System Age: The HVAC system is a big factor for renters and for you. The newer the system, the lower the energy bills, as it takes less power to maintain a comfortable temperature. If we know its age, we can watch for any warning signs and save you from surprise repairs.
- Home Updates and Repairs: Any updates or repairs—whether it’s plumbing, electrical, or even new appliances—are worth mentioning. This information allows our maintenance team to diagnose problems faster and more accurately, so small issues stay small.
Seasonality Matters
Season and location play a huge role in the rental market. For example, from Thanksgiving through New Year’s, most renters are less likely to move. To account for this, we align lease terms to end during peak rental seasons, which increases your chances of finding new tenants quickly if your current renters choose not to renew.
Surveillance Systems and Renter Comfort
It’s common for renters to install their own security cameras, such as Ring or Blink systems. If your current tenants or yourselves have installed cameras, these need to be removed at move-out. This ensures new renters feel comfortable and have the freedom to install their own security systems if they wish.
Regular Inspections with Kentuckiana Property Management
At Kentuckiana Property Management, we conduct bi-annual inspections to keep your property in top shape. Our agents check essential elements like plumbing, windows, doors, and the overall condition of the unit. These inspections allow us to catch small problems before they escalate, protecting your investment and giving you peace of mind.
Remember: Renting Can Be Unpredictable
One of the biggest misconceptions is that every renter will be perfect. While everyone hopes for ideal tenants, life is unpredictable, and circumstances can change quickly. When you work with a property management team like Kentuckiana Property Management, you’re not alone. We handle challenges like non-payment, property damage, and turnover to make your rental experience as smooth as possible. Our commitment is to treat your property as if it were our own, safeguarding your investment every step of the way.
With these tips, you’re well on your way to becoming a successful rental property owner. Keep communication open, plan for seasonal trends, and rest easy knowing we’ve got your back in managing the unexpected. Welcome to the journey with Kentuckiana Property Management!
If you’re interested in a free rental market analysis or management quote, please contact Jake Brooks, our Business Development Manager at Jake@kypmllc.com
