With over 35% of all homes currently being rented, according to the National Multi Housing Council, owning a rental property can be a lucrative venture. However, if you are unorganized, you are probably biting off more than you can chew. As the landlord, you are responsible for all of the fixed assets, like stoves and water heaters. Because each individual item needs maintenance and repairs from time to time, a sloppy approach can promote additional expense that will put your budget to the test.
Preparing for Tenants
To keep up with your duties, consider a system that promotes fixed asset tracking and management. With such a tool, like Asset Panda, you won’t be in the dark on what needs to be done before you put your property up for rent. Each asset can be entered into the tool, creating a database of information that covers values, repairs, and even purchase dates. This way, you’ll never be left wondering what to do when you get you get called in to fix a broken appliance or other household item.