Did you know that there are almost 50 million rental units in the United States alone? And about half are owned by individual investors!
There’s great potential for success as a landlord, and this potential increases if you have a little advice to point you in the right direction. That’s why we’ve put together this list of tips for landlords.
Armed with this advice, you can build a thriving and profitable career as a rental property owner. Read on to learn everything you need to know.
1. Handle Your Properties with Professionalism
One of the biggest pieces of landlord advice we can give you is to handle your business with professionalism, even if you only own one property and it’s rented to a friend or family member.
Important communications with your tenant should always be in writing, using clear and professional language. Follow through with all terms laid out in the lease so that you build a reputation as a landlord to be taken seriously.
2. Choose Tenants with Care
Your choice of tenants can make or break your experience being a landlord, which is why the screening process is so crucial. All tenants interested in renting from you should go through an application and tenant credit reporting process, as well as background checks.
Even tenants who show no red flags in the screening process can turn out to be bad eggs. But by properly vetting each applicant, you’ll minimize your number of headaches in the future.
3. A Thorough Lease Is Essential
As we mentioned above, following through with the terms of your lease is a must, but you must first create a lease to be followed. At a minimum, this lease should include all necessary items according to the tenant-landlord laws of your state. However, it’s wise to go more in-depth to protect yourself and your property.
Include clauses for lawn maintenance (if applicable), property alterations, parking, pets, pest control, subletting, and appropriate property use. If you’re unsure how to draft a strong lease, don’t be afraid to reach out to a real estate attorney for help.
4. Keep Up with Routine Maintenance
For many of us, becoming a landlord isn’t just about making a profit, it’s about helping people to find and enjoy a beautiful home as well. But as much as we hope that tenants will treat our properties like their own, this is often not the case.
One of the best ways to protect your property while caring for your tenants is to keep up with routine maintenance. Visit the property (or hire someone to do so) to change the air filters and check the smoke alarms, while checking up on the house at the same time.
5. Follow All Fair Housing Laws
There are many types of landlords out there, some of which sadly don’t have the most sparkling reputations. As a landlord, your reputation is everything, so you must always do what you can to protect it. Not to mention, breaking fair housing laws can put both you and your business in hot water.
Familiarize yourself with your state’s tenant-landlord laws before taking any further steps. Once you get started renting, follow these laws to the letter.
Find Greater Success with These Tips for Landlords
Becoming a landlord comes with a long list of responsibilities, and as with any career path, no greatness can be achieved without hard work and dedication. By using these tips for landlords, you can get a head start on the road to success.
Looking for more tips and tricks for finding success in rental real estate? Be sure to check out our blog!