Being a landlord is not easy at all. It can be quite challenging, especially if you haven't done anything like this before. There are numerous tasks that must be completed, starting from finding a proper tenant, making an agreement for the two of you, collecting rent each month, etc.
If you are new to this, we hope that you will be reading this article before you find a tenant, just to avoid some potential hassles that might come your way. All these tips that we’re about to show are pretty easy to follow, but unfortunately, many landlords either are not familiar with them or refuse to incorporate them.
If you want to save yourself the potential inconvenience, then take a look at some of these suggestions that just might help you handle every situation that might occur regarding dealing with your tenants.
What You Must Know?
How To Choose A Tenant?
Logically, this is the first step. At first glance, you can never tell whether the person you are meeting is a perfect tenant for you, however, there are some rules and things you have to consider, before making a decision.
For example, you cannot reject or discriminate against a person based on their sex, race, or religion. On the other hand, you can decline their application if you're not satisfied with their credit score, their debt to income ratio, their credit score, line of work, salary, and what they did at the last place they rented from. You want a property where there is expert property management, this way when things go wrong your not having to worry about it being fixed.
Find One Online
The majority of people are looking for apartments online. According to Nomadic Real Estate, it's advisable to make an online rental listing where you can give more details about the place you are renting. Potential tenants would love to learn more about it.
What can you list on these websites? You can give info regarding the address, the price, the surrounding, the number of rooms it comes with, bathrooms, etc. If you can, it would be good to attach a couple of pictures just so they can visualize the property. Make sure to highlight the best features of your space in these images!
What Else Has To Be Done?
The Lease Terms
This has to be one of the most important aspects of rental property management. It has to contain various property rules, policies, conflict resolution procedures, etc. Since this is a very important document for both of you, it has to be done thoroughly. Although you can come across different generic lease agreements online, it’s recommendable to create your own version of it.
Check On Your Rentals
Many landlords forget to do this, which is a huge mistake. Checking on your rentals is a perfect opportunity to do other things as well, such as make sure that everything in the property is working fine, ensure that there isn't any problem with plumbing leaks, and to see if the batteries in the smoke detectors are still working. Further, you will also see if your tenant is maintaining the place properly.
It is a great responsibility because you can never predict any potential obstacles, or how your tenant is going to behave, however, with these tips you will be able to manage your rental business perfectly. Just make sure to keep your eyes open all the time!