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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:
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.
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