Possession day of rental property

Taking possession of a property is one of the most exciting parts of real estate investing.  All your efforts have now produced something tangible.

Here are some tips I have found to be useful on that day which can alleviate some aggravations. Not all of these will apply if the property currently has a tenant.

1) Have a fully charged mobile device. This is more precautionary than anything else because you never know when you need it.

2) Arrange for someone to perform a maintenance call on the heating/cooling system on that day. Since you are already at the property, it makes sense to save yourself a trip.

3) If you have a property manager, have them meet you at the place about an hour after you take possession. They can then perform a walkthrough and inform you of any deficiencies which need to be addressed. .

4) Have a light snack with you in case you get hungry. Nothing can take your attention away from investing more than hunger pangs.

5) Bring a few rolls of toilet paper, towels and some soap for at least two bathrooms. Even if you do not use them, someone else such as a contractor or tenant will certainly appreciate the fact that you looked after this.

6) Ensure that all of your utilities are starting on possession day. With all the other details, it is easy to forget that you or someone else needs water, electricity and gas.

7) If you have the opportunity, meet the neighbors and start a relationship with them. You never know when you may need their help especially if you are managing your own property. This is doubly important for condominiums.

8) Ensure that all lightbulbs are in proper working condition. This is especially true for the outside lights as they convey a message of safety before a potential tenant even walks through the door.

9) If there is any landscaping that needs to be done, arrange for it to be done at this time unless it is the middle of winter in which case the sidewalks may need to be shoveled.