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Today, about 69% of millennials say they’ll always rent a home. But, whether you rent out a home or apartment it can feel tough to know how to be a good landlord.
Being too firm might scare tenants off, and if you’re too forgiving, they might take advantage of you. While this might seem overwhelming, there’s hope. Read this guide on how to be a good landlord with these essential tips today.
1. Help Them Become Acclimated
When investing in real estate, you’ll receive many tenants who might be new to the area. Offer them a printout with directions to various places such as shopping centers, pharmacies, grocery stores, etc.
2. Treat Rental Properties as a Business
If you find landlord jobs or own the property, you’ll still want to treat it as a business. Be professional with your tenants.
Before agreeing to a renter, perform a screening. Ensure that you abide by local, state, and federal laws.
This will also help you avoid potential legal problems. If they don’t pay in the future, you might need to consider lease enforcement.
Consider landlord insurance. Whether a theft occurs or pipe bursts, insurance will protect you.
You’ll avoid paying thousands of dollars if a tenant sues you. Keep the property in good condition.
Ensure that all utilities are up to code. Check pipes for combustion, ensure all vents are free of buildup and test carbon monoxide and smoke detectors.
3. Be Available
Be available for your tenants when they contact you, even if they’re small problems. Get problems fixed as soon as possible. Don’t go over 24 hours without contacting them back.
If you go too long without contacting them, they might decide to look for rentals elsewhere. Tenants might also neglect the property if they’re angry.
4. Be Firm
Depending on the situation, you’ll need to be firm but fair. If tenants break the rules you’ll need to have consequences. Tenants who break the rules, and face no consequences are likelier to do it again.
5. Find Good Tenants
Even if you do the right things, if you don’t have high-quality tenants, you’ll suffer. Use online advertising to find good tenants.
Comply with the Fair Housing laws. Have a tenant screen criteria that they’ll need to meet. You’ll also want to check their credit score.
Customize the lease with basic items such as a security deposit, rent, costs, etc. Add in special rules such as late fees and expected tenant behavior.
6. Respect Their Privacy
Respect their privacy and don’t show up at odd hours. Find out the hours that they’re home. Many states require you to give a tenant notice before entering the rental.
Tips on How To Be a Good Landlord
After exploring this guide, you should have a better idea of how to be a good landlord. Take your time coming up with a lease and screen applicants.
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