MMA Blog

10 things to be mindful of as a new landlord

 

To rent or to buy? While this may sound like a question straight out of a William Shakespeare novel, it's a query just about everyone asks themselves at one point or another. And if you're a new landlord, you probably know that many people these days are going with the former rather than the latter, in part because property is at a premium and home prices are at all-time highs.

This has led many renters who were considering buying to stay put and has served as an added incentive for others to take a second look at the rental market.

The machinations of the market is always something landlords need to keep in the back of their minds, and when demand ramps up, the more cognizant they need to be of their tenants and what their needs are. If you're new to the landlord landscape - or maybe could use a refresher course - here are a few things to check up on or address if you haven't already:

  1. Get an idea of your tenants' financial track record by running a credit check from one of the three credit reporting bureaus.
  2. Service heating and air conditioning units at least once a year so they're less likely to malfunction during winter or summer.
  3. Before raising rents, check out what other landlords are charging to remain competitive.
  4. Consider the potential consequences of raising rents; good tenants sensitive to price hikes may cause them to leave.
  5. If inquiries have increased or vacancies diminished, keep your schedule as open as possible so you can promptly address problems that may develop.
  6. If you haven't heard from your tenants for a while, contact them just to see that everything is OK. A simple text or email can often suffice.
  7. If you're not much of a "do-it-yourselfer" for repair problems, contact a mechanic who you can trust and is dependable.
  8. Perform a walkthrough of the unit prior to tenants' leaving before returning their down payment.
  9. Check with your insurer to see if it offers any bundling plans, which can increase your savings.
  10. Consider investing in flood insurance protection. You may also want to advise your tenant to do the same, as your coverage is different from renters' insurance.

Talk to tenants about insurance
It's not unusual for renters to believe their belongings are covered, under the impression that their landlords' insurance is sufficient. But as you are probably well aware, the protection you have is for the structure of the unit or complex itself does not include protection for their material possessions. You may want to consider mentioning this to your tenants just to make sure. Also, if they do get renter's insurance, tenants should understand that flood insurance is typically not included in a standard renter's policy.

Here at MMA, we can provide you with the tools and resources you need to make the most of your property investment and labor-intensive tasks that being a landlord can often involve.

Keep Up To Date

Subscribe to our blog for all the latest news, updates, and events from MMA and our partners

Subscribe

Tell us what you need. We’ll take it from there.

Get a Quote


    YesNo











        First, tell us about you:






        EmailPhone


        Next, tell us about your business:





        Now tell us about the coverage or coverages you need:


        Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

        You are ready to submit the form:

          First, tell us about you:






          EmailPhone





          Next, tell us about the coverage or coverages you need:


          AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



          NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

          Now you are ready to submit the form:

            First, tell us about you:






            EmailPhone





            Next, tell us about the coverage or coverages you need:


            AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

            Now you are ready to submit the form:

              First, tell us about you:






              EmailPhone


              Next, tell us about your business:





              Now tell us about the coverage or coverages you need:


              Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

              You are ready to submit the form:

                First, tell us about you:






                EmailPhone






                Next, tell us about the coverage or coverages you need:


                AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance


                Commercial InsuranceEmployee BenefitsEmployee Health InsuranceSurety



                NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                Now you are ready to submit the form:




                    First, tell us about you:






                    EmailPhone





                    Step 1 of 2Next

                    Next, tell us about the coverage or coverages you need:


                    AutoHomeIndividual HealthUmbrellaRecreational

                     

                    WatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                    Now you are ready to submit the form:

                      First, tell us about you:






                      EmailPhone


                      Step 1 of 3Next

                      Next, tell us about your business:





                      Step 2 of 3Next

                      Now tell us about the coverage or coverages you need:


                      Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



                      NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                      You are ready to submit the form:

                        First, tell us about you:






                        EmailPhone





                        Step 1 of 2Next



                        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                        Now you are ready to submit the form:

                          Review Form

                            First, tell us about you:






                            EmailPhone







                            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                            Now you are ready to submit the form:

                              First, tell us about you:






                              EmailPhone





                              Next, tell us about your claim:






                              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                              Now you are ready to submit the form:

                                First, tell us about you and your business:







                                EmailPhone


                                Next, tell us about the surety bond you need:







                                NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                                Now you are ready to submit the form:

                                  First, tell us about you:






                                  EmailPhone


                                  Next, tell us about your business:





                                  Now tell us about the coverage or coverages you need:


                                  Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



                                  NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                                  You are ready to submit the form:

                                    First, tell us about you:






                                    EmailPhone





                                    Next, tell us about the coverage or coverages you need:


                                    AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                                    Now you are ready to submit the form:

                                      First, tell us about you:






                                      EmailPhone






                                      Do you have insurance with us already?



                                      Tell us what you need:




                                      NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a MMA Insurance representative advising that your request has been processed.

                                      Now you are ready to submit the form:

                                      cross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram