4 Strategies to Protect Your Property Investments in Detroit

Before new renters ever move in, it's important to make sure that you are making the right moves to protect your investments. Some strategies you should be utilizing long before you ever start screening tenants include:

Maintaining your properties and keeping them in top shape not only helps to protect them long-term, but also helps to keep your tenants happy.

Budgeting for Maintenance

If you have multiple properties, the best you can do is budget ahead for maintenance. There are always repairs and improvements that you have to do if you want to avoid legal issues and pay for medical bills if an accident happens.

Having money to cover maintenance and repairs will help to protect your property investment. Your property investment will be kept in good condition, and you will avoid legal issues and wasting money.

A property manager will help you to handle maintenance and inspections to keep your property in good condition. Hiring a property manager will help you to save money and time. It would be a fixed maintenance cost that will help you to avoid expensive repairs. 

A property management company has experience handling maintenance and taking care of your investments in Detroit.

Property Inspections

A property manager handles move-in, routine and move-out inspections. When the tenant moves in, you should check if the property is in good condition. It helps you to know if you have to repair something. Also, it gives you a baseline for comparison when you are doing the move-out inspection. A move-out inspection will help you know if the tenant damaged the property. That way you can deduct any costs for repair from the security deposit.  

A property manager should inspect the property while the tenant is living there to spot any issue. Early maintenance and repairs will help you to avoid expensive repairs. Hiring a property manager is a great investment that will boost your passive income.

Every property owner dreams of landing the "perfect" renters, who care for your property and follow the rules. This isn't always the case. Enforcing the lease is a must if you want to keep order. Of course, if you do find yourself with a great tenant, you're going to want to do all that you can to keep them there.

Enforcing the Lease

If your tenant violates the lease agreement, you may want to give the tenant a chance to fix the problem. If this doesn't happen, you must enforce the lease agreement. Many tenants fix the problem when you send them a written notice, but sometimes you have to enforce the lease agreement or evict them. A property manager would handle this situation and follow the local laws, so you don't have to worry about it.

Following the lease agreement will help you to protect yourself and your investment. If you don't follow the lease agreement, the tenant has the option of enforcing the lease. 

Keep Good Tenants  

A good tenant always communicates with you about any issues, pays the rent on time, and takes care of your investment. You want to do all that you can to keep a good tenant to avoid finding another one that may damage your investment property. 

A property manager can handle screening to find quality tenants that will take care of your investment property from the start. Tenant screening involves checking background, credit score, employment status, income, rental history, etc. 

You may want to make an upgrade to your property to attract quality tenants that will protect your investment or increase your profit. Making upgrades isn’t always a necessity. In some areas, you can't increase the rent as much as you want, even with top of the line upgrades. For this reason, it’s always a good idea to consider the potential ROI on any upgrades you’re thinking about before you start a new project.

There are some smart and simple upgrades that you can do to increase your passive income and keep your good tenants. For example, adding durable flooring in your property, adding fresh paint, and investing in energy-star certified appliances tend to offer a good return on your investment.

A property manager has the experience to know what upgrades are a good investment to maximize your passive income.

A property manager takes care of your investment and helps you to maximize your returns. Hiring a property manager is the best investment you could make. A property management company is responsible for tenant screening, marketing, collecting the rent, and handling disputes and complaints, maintenance, repairs, etc. 

A property manager also deals with lease violations like nonpayment of rent, over-occupancy, property damage, and more. If you hire a property manager, you don't have to worry about legal battles, evictions, or losing money. 

If you don't know what to do when you discover more tenants than are on the lease, you should hire a property manager to add them to a new lease agreement or legally evict them. 

Similarly, if you don't know what to do when tenants disappear and leave belongings behind, a property manager would know how to handle this situation following the lease agreement and the local laws. 

When a tenant damages your investment property, a property manager knows what to do. If you want your tenant to fix it, a property manager may give him a written notice. If the tenant doesn't want to fix it, a property manager should legally evict him and file a lawsuit to pay you back the expenses.  

Protecting Your Property Investments in Detroit 

From investing in landlord insurance to performing tenant screenings and inspections, there’s no end to the ways you can protect your property investments in Detroit.

But the best way may be to hire a property manager. These professionals will step in to handle repairs, tenant screening, complaints, lawsuits, and more, so you don’t have to.