Are you considering renting out your house, or have you already taken the plunge? If so, being a landlord is crucial to be aware of the must-dos. From thoroughly screening potential tenants to making sure that all maintenance and repairs are done correctly and promptly, there are a few key steps that you should take to ensure that the rental process goes smoothly. Let’s dive in.
Treat Your Rental Property Like a Business
It is important to approach renting out your house like a business. This means that you should clearly understand all the laws and regulations surrounding rental property ownership. You should also make sure to keep detailed records about your tenants, their payments, and any repairs or maintenance that need to be done on your property. Lastly, having an agreement in writing that outlines what is expected of the tenant and their responsibilities to you as the landlord can help avoid potential issues.
Make Sure Your Property Fits within Safety Guidelines
Sadly, many rental properties are not up-to-date with safety codes. Before you begin renting out your house, make sure that it meets all the safety standards in your city or state. This includes:
- Having a secure entry system
- Proper fire and carbon monoxide detectors
- Plumbing and HVAC systems that are up to code
- Adequate outdoor lighting and other safety measures
Screening Tenants Thoroughly
One of the essential steps for any would-be landlord is thoroughly screening potential tenants. Screening includes running background checks, credit checks, and tenant history reviews. It is also important to interview prospective tenants in person, as this will help you better understand their character and gauge whether or not they would make reliable renters. It is also important to ensure that you are familiar with local laws regarding tenant screening and discrimination — as these can vary from state to state.
Setting Up an Agreement
Landlords must also establish an agreement with their tenants that outlines all rental terms, including rent amounts, timelines for payments, rules around subleasing, etc. Rental agreements provide protection if there are any disputes later on down the road. Additionally, landlords need to familiarize themselves with relevant state or city laws when it comes to setting up an agreement — as some states have specific regulations regarding leases, such as length requirements or rent control provisions.
Require Renters Insurance
As a landlord, you should require all tenants to have renters insurance. Renters insurance will help protect you and the tenant in case of any damage or accidents on the property. It is best to get this agreed upon before any move-in dates, as it can help you avoid potential issues down the road.
Maintenance & Repairs
As a landlord, you should be prepared for maintenance and repair issues at your rental property. It’s your responsibility to ensure that all maintenance needs are addressed promptly, no matter how small or insignificant they may seem.
Additionally, landlords should ensure that all repairs are done correctly by qualified professionals who are experienced in working with rental properties. This will help ensure that the property remains safe and habitable for your tenants, while minimizing any legal issues down the line due to negligence or improper repairs/maintenance work being done on the property.
Tips for Finding Tenets
Finally, landlords should take advantage of the many online tools and resources available to help them find tenants. This includes property listing websites, classifieds, and social media platforms. Additionally, landlords can use local newspapers and other community resources, such as bulletin boards, to advertise their rental opportunities.
Start Renting Today!
Taking on tenants can be an excellent way for homeowners to generate additional income from their properties. But it also requires taking specific steps like thoroughly screening potential tenants and setting up an agreement that outlines all rental terms before signing anything into effect. Additionally, landlords should always stay on top of maintenance needs at their rental properties and address any issues quickly and correctly by hiring qualified individuals who have experience working with rental units to minimize legal issues down the line due to negligence or improper repairs/maintenance work being done on the property. By following these tips, landlords can rest assured knowing they did everything necessary to keep themselves and their tenants safe throughout the process!
Source:
Landlord Tips: 13 Must-Know Tips, mysmartmove.com
