Being a good landlord is harder than people think. It requires a lot of work, something that can catch you off guard if you're new to managing a rental property. At the same time, it can also be very lucrative and rewarding if you're willing to put in the work.
Whether you're brand new to investing in real property or it's been a while since you've last managed a property yourself, here are some tips that will help.
1. Be Professional
While it is great to be a friendly and easy-going landlord, you also have to be professional. You are a business owner, and your rental property is an investment. Always treat tenants and potential tenants with respect and conduct yourself as if you were in charge of a property management company even if your "company" is just you.
2. Screen Your Tenants Thoroughly
You're the one who has to make the final decision as to who will be renting your property, but you should still be strict and thorough with your screening process. Not only will you want to make sure that anyone staying on your property is reliable and responsible, but it will also ease your tenants' minds knowing that you give some serious thought to who is allowed to live on the premises.
3. Know the Laws
Before you rent your property to anyone, take some time to learn about landlord-tenant law. You're expected to follow fair housing laws as a landlord, so make sure you know what that means in your state before you do anything else.
4. Have a Thorough Lease Agreement
A thorough lease agreement is a must when you're managing a rental property. This should include the amount that the tenants are expected to pay for rent every month, who is in charge of things like lawn maintenance, where tenants and guests are allowed to park their vehicles, pet policies, and anything else that might affect your relationship with your tenants.
5. Require Rental Insurance
Although you should already have property insurance as a landlord, it's always a good idea to require your tenants to have renter's insurance as well. It gives you some extra liability protection, especially if your tenants have pets that could damage the property.
For more advice on how to be a good landlord or to get started with your own rental property, contact Premier Real Estate today. We are a family-owned and -operated real estate management company that has been in business for 16 years. We can help you handle things such as collecting rent every month, completing regular inspections, and coordinating with tenants when there is an emergency. Contact us today to learn more about our services and how we can help you get started as a landlord.