Becoming a landlord can be a rewarding undertaking—especially today, as the housing market’s demand for rental properties increases. If you are considering renting your property, there are certain responsibilities to be aware of in advance. By anticipating the realities of your new role, you can set yourself up for success as a landlord. Here are some ways to prepare:
Whether or not your property is ready for renters will depend on its condition. There are multiple areas to focus on when preparing your space for new occupants. Above all else, ensure that proper safety is being met for your tenants. It is far easier to fix problems when your property is still empty; test smoke detectors, repair any holes or water damage, and check the status of your property’s plumbing, heating, and electricity. It’s also the best time to refresh your space if need be. A fresh coat of paint goes a long way, as do new window treatments, updated fixtures, and clean landscaping.
Understand Rental Laws
Which safety regulations apply to your property? How could your property value be impacted by zoning laws? What are the landlord-tenant laws in your state? These are some of the questions that may arise when preparing to become a landlord. In order to confidently fulfill your duties, it is important to have a basic understanding of the laws regarding rental properties. Brushing up on the rights of tenants and landlords will ensure you follow best practices—and can help protect you from legal disputes with your residents.
As one of the most important steps in the entire process, screening potential tenants is necessary to ensure your property is treated appropriately (and rent is paid efficiently). When looking for tenants, seek applicants with a positive experience of past rentals; if possible, refer to past landlords to get a sense of an applicant’s rental history. Financial stability and criminal history are other factors to consider. By screening tenants prior to leasing, you can avoid potential challenges further down the road.
Determine Rent Collection
To effectively generate cash flow from your rental property, a secure system for rent payment is required. Options include mail, in person, and digital—but increasingly, online payments are favored by tenants for their convenience and security. For timely payments, consider offering an online platform for rent collection. Whichever method of collection you choose, be sure to keep a paper trail of past payments.
Consider Property Management
Landlord responsibilities are wide-ranging, whether paying property bills or being available in the event of an emergency. If you are interested in professional guidance through the rental process, consider hiring Choice Properties. We are actively involved in your property, overseeing daily maintenance and ensuring your tenant’s needs are met promptly.
These are just a few of the choices to keep in mind when preparing to become a landlord; marketing, finances, and additional incomes are also considerations. Although the responsibilities may seem daunting at times, renting your property can be a fulfilling process with the right tools. Contact us today if you would like assistance from an experienced property management company.