Anyone can be a landlord. Except, it takes effort and adroitness to be a good landlord. Whether you are a first-time rental property owner or have been a Kissimmee landlord for a time, this is the opportune time to start to acquire the habits that set good landlords apart from the rest. Here are just a few proven tips that will help you improve your skills and professionalism.
Treat Your Rental Property Like a Business
People turn into landlords in markedly different ways. No matter how you become a landlord, it’s key to treat your rental management as a business. Much like any business, being a good landlord will involve an investment of both time and money. It’s vital to protect your valuable asset – your rental property – by making sure that it is intact and occupiable. This simply means taking care of maintenance and repairs before they come to be serious issues. It further specifies interacting with your tenants like a professional and understanding clearly and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another significant part of being a good landlord is having an idea of how to set accurate rental rates. Firstly, you’ll be obligated to research and learn about the local rental market. Although you may have a good rental rate in mind, it’s key to take into consideration what other similar rentals are charging in your town and neighborhood and follow their suit. It’s secondly substantial 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 comprehend clearly who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). This is all the more so for owners of single-family rental homes on the account that the type of rental and the location will largely persuade the kind of tenant who needs to live there. When you have a clear picture of who your renter demographic is, design your advertising in such a way that it will reach them. For plenty of young or mid-career renter groups, this also means marketing your rental online and providing quality photos, virtual tours, and online applications.
Invest in Tenant Screening
Your tenant screening process is one of the really important parts of being a good landlord. You should require all potential tenants to give you a written application. Very carefully 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. Many landlords even check social media to get a whole sense of who the applicant is. It takes effort, but a great screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
Much like your screening process, your lease documents should, on top of that, be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to understand too late that your lease documents have loopholes or weak spots that your tenant can exploit, usually to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s equally beneficial to have an attorney check your documents to make sure that they comply with all state and federal laws. Should a dispute come about, 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. Specifically, it’s principal to keep watch over all financial transactions, including any money you spend on maintenance and repairs. Additionally, make sure to document your property’s condition both before a tenant moves in and after they move out. Photos are the most ideal way to keep abreast of wear and tear or repair issues. The last point, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant several methods to contact you (email, for example) to help you document each exchange. Staying informed of your interactions with your tenant can be a very good support in the event of a dispute.
Consider Hiring a Property Manager
As you can very well understand, 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 South Orlando, we give quality Kissimmee 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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