Property management is often an afterthought for a lot of investors, but some of the most successful ones will tell you that good property managers can help you navigate your way through almost every situation in your investment journey with grace and precision – even those as unexpected as finding a dead body on your property.
Lisa Indge manages a property management agency called Let’s Rent, and while she and her team often deal with numerous issues from both tenants and landlords, they just recently experienced one of the most unnerving scenario in their career.
“We did have a dead body last year,” she shared.
“That’s the first time that’s ever happened in my agency. We managed the situation[;] my property manager opened the door to find the body there. We needed to counsel her as well and take the owner through the process that we needed to go through,” she shared.
While it has admittedly been a sad and quite stressful process for every party involved, Lisa said that one particular detail saved all of them from even more concerns. She reiterates that “we encourage all of our clients to have landlord insurance”.
“This can happen now – what does it mean in terms of cost? If you’re not insured and you’re having to pay all of those cost[s] yourself, it’s thousands and thousands of dollars. In this case, it was a one-bedroom apartment, and the total cost was about $7,000 – all covered by insurance,” Lisa said.
“It’s madness not to have insurance because you never know when something out of the ordinary might happen.”
Tune in to Lisa Indge’s episode in The Smart Property Investment Show to find out the key to identifying quality long-term tenants to keep your cash flow steady, as well as determining when to be lenient in the leasing process and what to do when it all goes wrong.