Have you ever thought about becoming a landlord? It’s not as scary as it might seem, especially if you have the right information and plan ahead. Here are five tips that will help you avoid the pitfalls of being a landlord.
1) Get Insurance (Renters Insurance)
As a landlord, you’re responsible for maintaining the property and ensuring your tenants have a safe place to live. But what happens if something goes wrong? That’s where insurance comes in. For instance, renters insurance can help cover expenses like water damage, theft or fire damage—in addition to protecting against liability should someone get hurt on your property. If you don’t currently carry renters insurance or need more information about coverage options, contact us today at (555) 555-5555! We’ll be happy to answer any questions you may have and assist with finding the right policy. We’re here 24/7 so just give us a call anytime.
2) Update Your Lease
- Review your lease agreement regularly and update it as needed.
- Keep good records of all communications with your tenants.
- Screen tenants carefully before renting to them.
- Be responsive to maintenance requests and other issues.
- Follow the law in all aspects of your landlord-tenant relationship. Respect privacy by having an explicit policy regarding tenant access to the rental property, especially if you live on site. For safety reasons, do not give your tenant keys or codes to any part of the property without letting them know how they should handle emergencies. Do not withhold money from security deposits without first obtaining court orders from district courts following proper procedure or making appropriate deductions for damages caused by the tenant’s use of the premises.
3) Create an Eviction Policy
If you’re thinking about becoming a landlord, there are a few things you should know first. Here are fourtips to help you avoid some of the pitfalls of being a landlord
1) Create an eviction policy that is reasonable and easy to follow.
2) Research your state’s landlord-tenant laws so you understand your obligations as a landlord.
3) Do not discriminate when choosing renters based on race, gender, sexual orientation or disability status.
4) Understand how repairs work in your state; many states require landlords to maintain their properties in habitable condition and fix anything that goes wrong within 24 hours of notice from the tenant or occupant.
4) Set Reasonable Rents
If you want to be a successful landlord, you need to set reasonable rents. This means doing your research to find out what other landlords in your area are charging for similar properties. You also need to make sure your rental prices are in line with your local market conditions.
5) Perform Background Checks on Prospective Tenants
As a landlord, it’s important to know who you’re renting to. Running a background check on prospective tenants can help give you peace of mind and avoid any potential problems down the road. Here are five things to keep in mind when running background checks -Perform one at least three months before the date that they will be moving into your property.
-Consider all previous addresses, not just their current one.
-Find out how many people will be living with them; some landlords do not allow more than two adults per bedroom.
-Some criminal records may not prevent someone from renting your property if they have been free of charges for at least seven years or more.