As a landlord, you have to be careful who you rent your property to. It is easy to assume that anyone who comes forward with the right amount of money is worthy of being handed the keys. However, this can be a very costly mistake if you do not know what you are doing.
Using Online Apps & Resources
With the advent of online “everything”, there has been a shift in how landlords manage their property. With the use of online applications and resources, using your smartphone and tablet, you can avoid having issues with your tenants.
If you are looking for a great way to manage your property, look no further than Lighthouse, where you’ll find both great detailed information and some great software that will help you do your landlord job right. Lighthouse is a great resource for any landlord, whether you are new to the business or have been doing it for years. With a membership, you’ll get access to some great tools and resources that will help you manage your property.
Setting a Good Example
When you are a landlord, you will be dealing with your tenants on a regular basis. When you set the right example and show them how to take care of your property and the community in which it resides, you can expect great results.
There are several things to consider when setting a good example for your tenants. First, be sure to keep your property in excellent condition. This will ensure that they do not have to worry about maintenance problems as they rent from you. It also means that they can get their security deposit back when they leave the property.
Knowing Your Tenant
Choosing a tenant is a hard, but important task. You don’t want to just take the first offer that comes along, but also avoid being too picky and lose some good deals. So how do you choose?
The first step is to know what your property is worth on the market. Use this value as a starting point and give yourself some room for negotiations. If your property is worth $2,000, then you could offer it for $1,600 to $1,800.
Once you have this number in mind, it’s time to start looking for a tenant. The first step is to post your property on Craigslist, Facebook, and other social media sites. You can also post it in local newspapers or even send a flier to local businesses.
Next, you’ll want to contact local real estate agents and ask them to post your property on their websites. This will help you get more exposure and attract more potential tenants. Once you have a few interested parties, it’s time to start screening them. The first thing you’ll want to do is ask for a copy of their credit report. This will give you an idea of how good they are at paying their bills on time.
You should also run a background check on them and verify that they have the income to pay for the apartment. This will help you avoid dealing with deadbeats and save you a lot of time and hassle.
Follow The Law
Here are some tips to make sure you don’t get into any trouble with tenants:
-Make sure your lease is signed before they move in. It’s no use having a lease if you don’t have it signed.
-Make sure your lease is in writing and signed by both parties.
-Have a copy of the lease on file for each tenant. This will make it easier to prove that you have a lease in place if there is ever a dispute.
-Have the tenants sign an addendum to the lease when they move in, agreeing to follow your rules and regulations.
Be Fair and Professional
Is your tenant leaving you with a bad review? It may be tempting to say a few things about them on your listing. But this is never a good idea. Whether or not it’s the case, you never want to be perceived as attacking your tenant online.
You can argue that being negative will get more attention and more clicks, but there’s no need to stoop to that level in order to get more traffic.
Don’t be Afraid to Evict
You don’t want to evict your tenant, but sometimes you have no other choice. Maybe he hasn’t paid his rent on time for the last four months. Maybe he is making so much noise that you can barely concentrate on work anymore. Maybe she keeps bringing home strange people at 3 am, or maybe your tenant is extremely disrespectful of the property and refuses to cooperate with your requests.
Whatever the reason, it is not an easy task to evict a deadbeat tenant. But once you know all the rules and regulations, you can go about it in a way that doesn’t cause further problems.
All in all, being a great landlord and having a professionally run property is no easy task, but hopefully, our tips are helpful.
Information sourced by the author for luxuryactivist.com. All content is copyrighted with no reproduction rights available. Images are for illustration purposes only.