When you hire a property management service in Santa Clarita, you should ensure that they are dedicated to educating tenants on all events that may occur during their tenancy. This should include information on good neighbor policies, purchasing insurance, checking smoke alarms, handling disasters or emergencies, reporting maintenance issues and making rental payments.
However, property managers need to also ensure that property owners are prepared for all contingency possibilities. While evictions, disasters, tenant damage and emergencies are both financially and emotionally draining, when owners and tenants are fully prepared it can mean all the difference in the situation.
Reviewing your Insurance
When it comes to unplanned events, insurance is the most important and obvious factor to have in place. It will pay off in the long run to review the possible scenarios and ensure that your insurance policy covers them; this review should be done at least once annually. With more and more disasters occurring each year, insurance companies are changing their policies often, resulting in changes you may not be aware of. Understanding what is covered, or not covered, is essential to know your out-of-pocket responsibility.
Maintain Accurate Property Records
It is also important to be prepared for audits from the IRS or other governmental agencies. The best way that property owners can prepare for this is by maintaining all documentation and keeping it organized and easy to access. If an audit does occur, you will be fully prepared for it.
Create a Maintenance Plan
When it comes to your investment property, you need to be sure that you have a maintenance plan in place to ensure all aspects of your property are in good condition. This includes plumbing, landscaping, roofing, miscellaneous repairs and more. You should determine the live of the major items and then create a plan to have periodic work completed. Keep in mind, preventative maintenance is much less expensive than having to fix huge issues or problems.
The professionals at National Property Management Group can help tenants and property owners fully understand all of their responsibilities and how they can be prepared for any issue that may arise.
National Property Management Group
28009 Smyth Drive
Valencia, CA 91355