What Are You Going To Do, If You Don’t Know What To Do?

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LANDLORD’S GUIDE TO RENTING YOUR PROPERTY





Brooklyn Allstate Agent Joey Sasson provides tips for first time landlords in New York

Being a landlord comes with a wide range of responsibilities, from maintaining your rental property to managing relationships with tenants. Although being a landlord requires time and preparation, it can be rewarding and can serve as a source of income for the future. Below are some important points to consider before renting property.

 

Prepare your rental property –Prior to renting your property, make sure it is in safe and propercondition for potential tenants. Cleaning carpets, inspecting and cleaning windows, replacing appliance filters, refreshing landscaping, and making necessary repairs should be done before allowing your tenant to move in. 

Set rental costs and advertise –After your rental property is prepped you can determine your monthly rental charges. Zillow recommends comparing your property to others in the surrounding area. If your rental has a garage, laundry room, or other upgrades, you may want to charge a slightly higher price. Consider marketing your home on rental or social media sites. You can also consider advertisements in your local paper.

Find and choose a tenant –After receiving applications, it’s time to interview potential tenants. Interviewing tenants will help you determine how well you get along and how future interactions will be. According to Zillow, landlords should ask for references, including landlords they have worked with in the past. After selecting a tenant, have them sign a lease agreement, collect a security deposit, and complete a walkthrough of the property.

Act as a landlord –It’s time to exercise your landlord responsibilities to ensure your property remains in good shape. This may include paying for major or minor repairs that arise, says Relator.com.If your tenant informs you of a leaky pipe, it is the landlord’s responsibility to pay for the repair costs if the issue was not caused by the tenant. You may want to consider establishing an emergency fund
for repairs.

Being a landlord comes with some new responsibilities. While this checklist covers basic steps, a landlord may need to take, you should still take time to determine a plan that works best for you and your rental property. Consider contacting your local insurance agent for a landlord policy to protect you from financial losses.

About Allstate:The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Other growth platforms include predictive analytics company Arity and consumer-product protection plan company SquareTrade. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” Allstate agencies are in virtually every local community in America. In 2016, The Allstate Foundation, Allstate, its employees and agency owners gave $42 million to support local communities.