Top things a landlord should know - To do list
Being a landlord can be challenging! As the dream of owning property comes with additional responsibility which requires you to know the state laws, regulations and also follow them. Besides, to become a successful landlord you must understand the law, negotiate different personalities and adapt to various situations that can pop up at any time. Further, here’s a guide of Top things a landlord should know - To do list. Check on for everything you need to know…
Important Things to Know About Being a Landlord
Check the property condition
Firstly, you must check the property condition before renting it. Check if the electrical, heating and plumbing systems are operating correctly. Also, check the flooring and carpets and if repairs are needed then fix them accordingly. The peripheral property should not be ignored either. Many times, this basic fact is neglected which later creates problems between the landlord and tenants.
Treat your rental property/asset as a business
To conduct good business, you need to cave in with federal, state, and local laws. However, real estate and rental investments come with regulations. So be sure to take the time to conduct research and understand all federal and state-specific laws before plunging in as rent is your revenue.
Determine the rental value
If you are a new landlord then you must set a rental value for your property after evaluating the market prices prevalent in the area. You can browse property portals to check out the prices quoted and conveniences offered by properties in the area.
Insure your property
Always make sure you get your property insured by an established insurance company. It will protect your property against any damage or theft. Equally, listing an insured property on property portals would help you get tenants without much hassle. Besides, an insured property is always preferred over non-insured, agree to experts, and offers risk-hedging benefits.
Advertise your property
The majority of tenants search online for their next apartment. Thus, getting your property listed in local newspapers or on popular real estate portals is the most common way of attracting genuine buyers. With the internet being the first resource - an appealing rental listing that highlights the best features and announces your requirements is the best way to attract quality tenants who will pay rent (or lease) on time and take care of your property.
Property maintenance
A well-maintained property finds it easier to attract buyers and tenants. So, before putting your property on the market, ensure that there are no maintenance issues, and all electrical and plumbing fixtures work perfectly.
Good communication
As a property owner, you must always be reachable. This basic practice helps you at maintaining a 100% occupancy rate for almost all your properties.
Screen tenants stringently
It is considerable to screen potential tenants carefully, including police verification. This is one of the most crucial steps a landlord must remember while selecting tenants. A proper background check is the easiest way to know any nasty details about potential tenants.
Additional services
You can also offer additional services or move-in services like fixing dryers and washers etc and cover the same in the monthly rent. You can also pop in at the time of moving in and check for any helping hand required.
Be aware of your legal rights
A landlord must be aware of his rights and responsibilities. The Rent Control Act talks about the protection of the rights of landlords. Right to evict a tenant with due notice and the right to increase the rent are some of the basic rights of landlords
Never be harsh
Understand the needs of your tenant and if they have a pet, you can allow it for a charge. Also, don’t be too harsh when it comes to children. Give them time to pay the rent and ensure the payment date is specified in the agreement.
Payment options
Provide options like cheque, cash, etc to your renters. The same can be mentioned in the pre-screening application. You can also ask them to pay directly to your bank account, as the banks do not give any information to nonsigners. Also, you can give them a P.O. box number or address to mail their rent/lease via cheque.
A written agreement
After choosing a tenant for your property, the final step is to sign a written legal agreement. Usually, a lease document contains the duration of the lease, monthly rental amount, the purpose of tenancy (residential or commercial) security deposit, terms of lease cancellation, etc. to avoid any dispute. Every landlord should highlight all mandatory clauses and additional charges in this written agreement.
Get your first and last month’s rent
Always amass the first month’s rent as well as the security deposit before the tenant has moved in. There may be certain exceptions to this rule, so check for the exemptions under real estate guidelines before you move.
Give your contact info
This may seem like a modest thing to have on this list but think of it as a fall-safe. In case of emergencies or complaints, tenants need your contact information. However, responsible landlords always provide their contact information with prompt response rates.
Keep the digital record of everything
Try to maintain records of everything – ranging from deposit receipts, rent and maintenance receipts including a record of all landlord-tenant communication. Digital records are a good way which can be securely organized without creating any paper clutter.
Conclusion
In conclusion, moreover, a landlord’s life can be stressful; still, it can bring a reward by these landlords’ checklist to become a responsible investor/landlord.
