Anyone can be a landlord. Yet, it takes effort and real awareness to be a good landlord. Whether you are a first-time rental property owner or have been a Dunnellon landlord for a while, this is the perfect time to get started on developing and refining the habits that set good landlords apart from the rest. Here are several top pointers that will help you boost your skills and professionalism.
Treat Your Rental Property Like a Business
People advance to be landlords in many different ways. Notwithstanding how you become a landlord, it’s principal to treat your rental management as a business. Similar to any business, being a good landlord will exact investment of both time and money. It’s beneficial to protect your valuable asset – your rental property – by always making sure that it is harm-free and fit for human habitation. This indicates taking care of maintenance and repairs before they become huge problems. It likewise means interacting with your tenants like a professional and understanding and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another important part of being a good landlord is being aware of how to set accurate rental rates. You need to research and learn about the local rental market. While it is true that you may have a good rental rate in mind, it’s imperative to apprehend what other similar rentals are charging in your town and neighborhood and pattern yourself to theirs. It’s particularly key to stay on top of market changes and renew your rental market assessment at least once a year.
Know Your Renter Demographics (and where to find them)
Good landlords understand who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). Even more so for owners of single-family rental homes because the type of rental and the location will generally guide the kind of tenant who aims to live there. When you take into consideration who your renter demographic is, fine-tune your advertising so that it will reach them. For most young or mid-career renter groups, this connotes marketing your rental online and extending quality photos, virtual tours, and online applications.
Invest in Tenant Screening
Your tenant screening process is one of the critical parts of being a good landlord. You should require all potential tenants to give you a written application. Very carefully check all of the information they submit by running credit and background checks, calling previous landlords and references, and simply doing a Google search on their name and location. A whole lot of landlords even check social media to get a sense of who the applicant is. It takes effort, but a spot-on screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
Similar to your screening process, your lease documents should additionally be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to see too late that your lease documents have loopholes or weak points that your tenant can exploit, usually to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s especially smart to have an attorney check your documents to check that they comply with all state and federal laws. Should a dispute happen, lease terms that violate a tenant’s rights will be unenforceable in court.
Keep Records of Everything
Another thing that all good landlords do is keep records of everything they do related to the property. For illustration, it’s essential to be informed of all financial transactions, including any money you spend on maintenance and repairs. Secondly, make sure to document your property’s condition both before a tenant moves in and after they move out. Photos are an effective way to observe wear and tear or repair issues. One last matter, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant easy ways to contact you (email, for example) to help you document each exchange. Staying informed of your interactions with your tenant can be very useful in the event of a dispute.
Consider Hiring a Property Manager
As you see, it takes time and effort to be a good landlord. But if you don’t have much time to spare, you can still be a good property owner by hiring a property manager to handle everything for you. At Real Property Management Diversified, we offer quality Dunnellon property management services that include expense tracking, convenient online rental payments, tenant screening, quality lease documents, and much more! Contact us online today to learn more.
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