If you're going to have a successful rental property, you need to learn how to become a great landlord.
There are between 10 and 11 million landlords in the US. Sadly, many of these are ill-equipped to deal with the trials and tribulations of being a good landlord. Yes, being a real estate investor is supposed to make you money, but you also have a responsibility to your tenants.
Likewise, your tenants have a responsibility to be respectful of your property and pay rent on time. A landlord-tenant relationship can be a tricky balance, but if you understand your duties and know what to look for in a tenant, it can all go smoothly.
In this post, we're going to tell you what landlords do and look for in their tenants. If you're new to property ownership, keep reading and learn everything you need to know to get started.
What Good Landlords Do
Being a good landlord is all about striking a balance between professionalism and being personable. You always want your tenants to feel comfortable in your property, but you have to approach this like it's your business.
When you're writing out a rental agreement, make sure it's clear what you expect of your tenants and what they should expect of you. Let tenants know what they're responsible for, what happens when they're late on rent, and how they can pay you every month.
You also need to be present for your tenants. Wear and tear are bound to happen with rental properties, so regular maintenance will be important. If your tenant needs something repaired, make sure it's done in a timely manner.
Be as flexible as you can with rent collection. If you accept multiple forms of payment and give your tenants a grace period when times are tough, you'll build more trust. As long as they don't abuse that trust, you'll increase your tenant retention rates.
How to Find Good Tenants
Finding good tenants starts with strong screening methods. If you've got a list of criteria that you want your ideal tenant to have, you can narrow the choice down to a select few and interview them. It should be noted that under the Fair Housing Act, you must respect potential tenants' race, gender, orientation, and disability.
A tenant screening will include things like criminal background checks, credit checks, employment references, and past landlord references. Once all of this information is in front of you, you can find the best tenants for your rental property.
Getting Help With Property Management
Renting out your property to quality tenants isn't always as easy as it sounds. The screening process can be time-consuming, which is why so many landlords end up with less-desirable tenants. If you don't feel like you can properly screen tenants or don't have the time to deal with your rental, it might be time to hire a property manager.
A full-service property management company, like Home River Group, can deal with everything from marketing your property to screening tenants and collecting rent. To find out more about our services and how we can help you create great landlord-tenant relationships, contact us ASAP.
