If you’re a new landlord, chances are you could use a few tips from the old pros in the business. We’ve collected several tips from our many years serving landlords and property managers, and wanted to share them with any newbies out there. Whether you’re in charge of a multi-unit complex or you’re the new owner of a single-family rental property, the best practices for landlords remain the same.
Here are our Top 5 Tips For New Landlords:
- Treat it like a business. Being a landlord is not a casual endeavor, it’s not a hobby, it’s not something you’re dabbling in on the side. It’s a business, and should be treated accordingly. Keep records of everything. Hire a lawyer to review legal documents that are necessary, including the rental agreement BEFORE it’s presented to the tenant and signed. Develop protocols for tenant screening, building maintenance, rental payments and other important details, and be sure to follow the same protocols each time.
- Thoroughly screen your applicants. Do not rely on word of mouth or a good first impression upon meeting a prospective tenant. Do not allow the recommendation of someone you know who knows or is related to the tenant applicant to sway your decision without the facts. A credit check, background check and employment verification are a must for every tenant.
- Don’t believe everything (or anything) put on the rental application is the truth (the whole truth, and nothing but the truth). Verify everything.
- Familiarize yourself with your state’s landlord-tenant laws. It could be the difference between smooth sailing and legal trouble, and ignorance is not a viable defense.
- Keep the relationship between you and your tenants cordial and business-like. Treat all tenants (and neighbors … you never know when you’ll need their help sometime down the line) with respect.
Source : alwaysscreenblog