Are you planning on investing in real estate? Read on if you want some tips on being a successful landlord.
The land lord is an owner of a property. He leases that property to a tenant under a lease agreement and is obliged to perform certain duties and enjoys some rights too. A landlord is also bound to repair the premises before he leases it. A successful landlord takes time to pick the best tenants and keeps the rental property in good condition. Following are a few tips to be a successful landlord—
1. Always check references: Before handing over the property for rent always check out on the tenants. Ask for references and take time to follow up on them.
2. Get it in writing: Get all the agreements done in writing in order to protect your interests and the interest of your tenants. That means if a tenant needs to have something fixed in the property, ask them to provide the request in writing.
3. Provide a clean and secure residence: To make your rental property look the best, keep the grounds of the property clean and free of debris as it will help you with the property liability. Lower your insurance premiums by keeping your tenants safe and adopt some security measures.
4. Select your managers carefully: If you are busy and are unable to give personal attention to your rental properties then better hire a manager.
5. Get insured: Ensure that you have ample amount of rental insurance, property liability insurance, and any other type of insurance that may be required in your state which will help protect you from devastating losses.
6. Make repairs promptly: Make all the necessary repairs on the property you are planning to give on rent as your tenants deserve to have decent living conditions.
7. Give due respect the privacy of your tenants: Stick to your state’s guidelines for entry into a rented property. Usually most states require at least a 24 hour notice before a tenant allows their landlord to enter their rented property.
8. Avoid discriminate: While screening the prospective tenants follow the Fair Housing Administration Act. An equal chance to rent your property should be given to everyone regardless of their race, religion, or beliefs.
9. Have a well-drafted lease: It becomes necessary that the form of lease you use with tenants be well-drafted and pro-landlord-oriented.
10. Never be unfair with the tenants: Treat all of your tenants fair. Understand their position and keep in mind how they may perceive your actions. Once you get along with them you will find that there will be no vacancy problem.
Remember to keep the above tips in mind before investing in real estate.