Property Owners

So you have decided to become a property owner—good for you!  It could be the best financial move you have ever made, or your worst nightmare.  There’s no doubt that owning rental property can provide you a steady stream of cash and help you build substantial real estate assets, but prepare yourself for the realities of ownership and management.  This job is not as simple as it may seem.

How complicated can it be? Seasoned professionals can tell you that property management is very multifaceted and not for the faint at heart.  It takes organization, marketing skills, knowledge of local and state tenant/landlord laws, but most of all people skills to make the tenant /property owners a success.

As a property investor, you are responsible for the property itself, the upkeep, the tenants, the paperwork and much more. Property owners need to know how to be an advertiser when searching for new tenants, a host when showing properties, an investigator when doing tenant screenings and background checks, a repair person when making repairs, a bookkeeper when maintaining tenants’ records and a diplomat when dealing with problem tenants.

Though much of this can seem overwhelming, Nex-Gen Property Management will handle these responsibilities for you so can continue to invest in rental properties without the day-to-day hassles of being a property manager!

Though many of life’s lessons are learned by trial and error, owning investment, property should not be one of them. The mistakes are too costly and the legal downsides too significant!!



  Nex-Gen Property Management   

    will show you how it is done

Property Owners need to know the importance of insuring their real estate property

Property insurance covers the units, and the structure. What are not covered are the belongings of your tenants. To protect those, your tenants will need to buy renters insurance. Here are four standard types of coverage most property owners need.

Liability insurance is one that all property owners should consider to protect themselves against tenant negligence and possible lawsuits.


    1.  Property Casualty Insurance -  
   Its most basic form will provide you with 
   protection against damage to the property
   from events such as glass breakage, vandalism,
   lightening, fire, smoke or other damage. Property
   insurance will provide protection against lost
   income  or rent loss if a unit is uninhabitable due  
   to a peril of the policy.

2.  General Liability Insurance - This overage insures you against claims by third parties (e.g., tenants or visitors) for negligence, damage caused to the property of a tenant or visitor to your property, injury to someone on the premises or damage or harm to a third party who may be working on your property.

3.  Flood Insurance and/or Water Damage Insurance - This coverage protects against most sort of water damage except sewer back up. This type of coverage is in addition or an endorsement to a basic property insurance policy.


4.  Umbrella Liability Insurance -  This is coverage beyond that which a basic liability insurance policy provides and comes into force after the basic policy has paid the maximum it will pay. In other words, this is insurance against an unexpected, even catastrophic, loss; depending on the coverage amounts in a basic policy. Also recommended if you own multiple properties. Consult you insurance agent for further information.

 Nex-Gen Property Management is not an insurance agency and does not provide insurance.