Managing your rental properties can be an incredibly difficult endeavor if you are just starting out and unsure of everything you need to do to be a good landlord. Bad management skills can lead to loss of revenue and even lawsuits. To manage your properties correctly, you need to follow some of these basic guidelines for landlords.
The most important thing about owning a property that you are renting out is to maintain that property impeccably. Do not allow tenants to do any sort of home improvements or repairs. These do-it-yourself projects often are never finished or are done incorrectly, leaving you to foot the bill for a licensed contractor to fix the damage. Ensure that all tenants know to call you if there are ever any repairs needed so that you can handle them in the most effective and lowest cost manner. Also, make sure to be available and have your phone with you all the time. If there is an emergency at your rental unit, such as a broken air conditioner on a 90° day, you need to be available immediately to fix the issue. You want to ensure your tenants are happy and safe, and being available for maintenance issues will be sure to keep them happy.
You always want to make sure that it is stated in all of your leases that there is to be no subletting. You want to know everyone who is living in your rental property so that you can screen them properly. Allowing other people that you do not know to live in the property can result in serious issues. Make sure to always know your tenets and to ensure that no illegal activities are happening on the premises.
Making rent a painless and easy process is also a quality of a good landlord. Make sure there are specific guidelines for how rent should be paid. Are personal checks acceptable? Do you only take money orders? Where do tenants put their rent? Explain all of these items clearly when your tenants sign their lease so that there is not confusion on the day rent is due. This makes the process less painful for everyone involved.
There is quite a lot of money to be made as a landlord and if you strive to please your tenants everyday and ensure that you have clear guidelines in your lease, you will be prosperous in your rental endeavors.
The most important thing about owning a property that you are renting out is to maintain that property impeccably. Do not allow tenants to do any sort of home improvements or repairs. These do-it-yourself projects often are never finished or are done incorrectly, leaving you to foot the bill for a licensed contractor to fix the damage. Ensure that all tenants know to call you if there are ever any repairs needed so that you can handle them in the most effective and lowest cost manner. Also, make sure to be available and have your phone with you all the time. If there is an emergency at your rental unit, such as a broken air conditioner on a 90° day, you need to be available immediately to fix the issue. You want to ensure your tenants are happy and safe, and being available for maintenance issues will be sure to keep them happy.
You always want to make sure that it is stated in all of your leases that there is to be no subletting. You want to know everyone who is living in your rental property so that you can screen them properly. Allowing other people that you do not know to live in the property can result in serious issues. Make sure to always know your tenets and to ensure that no illegal activities are happening on the premises.
Making rent a painless and easy process is also a quality of a good landlord. Make sure there are specific guidelines for how rent should be paid. Are personal checks acceptable? Do you only take money orders? Where do tenants put their rent? Explain all of these items clearly when your tenants sign their lease so that there is not confusion on the day rent is due. This makes the process less painful for everyone involved.
There is quite a lot of money to be made as a landlord and if you strive to please your tenants everyday and ensure that you have clear guidelines in your lease, you will be prosperous in your rental endeavors.