Anyone can be a landlord. Except, it takes effort and perception to be a good landlord. Whether you are a first-time rental property owner or have been an Exeter landlord for quite a long time, this is the best time to set about forming the habits that set good landlords apart from the rest. Here are some top tips that will help you better your skills and professionalism.
Treat Your Rental Property Like a Business
People become landlords in so many different ways. Disregarding how you become a landlord, it’s salient to treat your rental management as a business. Precisely like any business, being a good landlord will obligate an investment of both time and money. It’s pertinent to protect your valuable asset – your rental property – by ascertaining that it is completely safe and ready to rent. This suggests taking care of maintenance and repairs before they evolve to become key issues. In addition, it means interacting with your tenants like a professional and clear understanding and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another weighty part of being a good landlord is knowing how to set accurate rental rates. Precisely, you should research and learn about the local rental market. At the same time, you may think you have the right rental rate in mind, but still, it’s critical to see what other similar rentals are charging in your town and neighborhood and model yours with theirs. It’s specifically really important 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 know exactly who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). It is particularly true for owners of single-family rental homes because the type of rental and the location will normally bring in the kind of tenant who desires to live there. As you understand exactly what your renter demographic is, customize your advertising so that it will reach them. For particular young or mid-career renter groups, this means marketing your rental online and imparting quality photos, virtual tours, and online applications.
Invest in Tenant Screening
Your tenant screening process is one of the relevant parts of being a good landlord. You should require all potential tenants to give you a written application. Closely 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. Innumerable landlords even check social media to get a sense of who the applicant is. It takes effort, but a good, systematic screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
Precisely like your screening process, your lease documents should as well be something you spend significant time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to know too late that your lease documents have loopholes or drawbacks that your tenant can exploit, most often to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s in particular key to have an attorney check your documents to ascertain 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. By way of example, it’s necessary to keep on top of all financial transactions, including any money you spend on maintenance and repairs. Therefore, always make certain to document your property’s condition both before a tenant moves in and after they move out. Photos are an excellent way to keep tabs on wear and tear or repair issues. When all is said and done, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant several ways to contact you (email, for example) to help you document each exchange. Keeping informed of your interactions with your tenant can be very useful in the event of a dispute.
Consider Hiring a Property Manager
As shown, 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 Seacoast New Hampshire, we tender quality Exeter 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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