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Advice for Amateur Landlords in Crofton

Part Two of a Two-Part Series for “Amateur” Landlords in Crofton.

Rent SignBecoming a landlord was probably the last thing on your mind when you purchased your Crofton home. 

‘More likely you had dreams of a nice profit when you sold and moved on to your next job or phase of life.  Like millions of Americans, however, you find yourself relocating to another city or state during an economy that is not friendly to home sellers.  So now, in fact, you are becoming a landlord.

In case you missed it, Friday’s post was the first in a two-part series written just for you – you’ll want to check out Thinking of Renting Your Crofton Home?.   I closed by advising you to carefully read the lease and property management agreement of each property manager you interview. 

REALTOR Paul Henderson in Lacey, Washington, warns in his blog post Rentalnomics that some provisions of the property management agreement could cost you money – which is fine, if you understand that – but you don’t want to be blind-sided.   He suggests you look for anything resembling these provisions in the agreement used by any property manager you interview, and make sure you understand your obligations:

By Paul Henderson

It’s probably a good idea to require your specific approval for any repair costing more than the tenant is obligated to pay in the lease agreement.  Remember, being “stingy” may be short-sighted and doesn’t always save you money in the long run.  Instead of rebuilding an old refrigerator one part at a time, for example, it might be wiser to replace it with an energy-efficient new model that will be an asset in renting or selling your property in the future.

One last thought… If you don’t know a property manager, I’d be happy to give you the names of several companies in the local area – so just ask.  You do have options other than handling the whole thing yourself.

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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business.  Please click on Margaret Woda, Crofton REALTOR or call/text me at 301–346–2923 for help with your next home sale or purchase in the Greater Crofton Area. 

 

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