Anyone can be a landlord. But as a matter of fact, it takes effort and efficient skills to be a good landlord. Whether you are a first-time rental property owner or have been a Raleigh landlord for some time, this is the appropriate time to develop the habits that set good landlords apart from the rest. Here are a few helpful tips that will certainly help you enhance your skills and professionalism.
Treat Your Rental Property Like a Business
People become landlords in widely varying ways. Regardless of how you become a landlord, it’s crucial to treat your rental management as a business. As in any other business, being a good landlord will cost you an investment of both time and money. It’s salient to protect your valuable asset – your rental property – by always making certain that it is guaranteed to be safe and in good repair. This just denotes taking care of maintenance and repairs before they turn out to be huge problems. It also suggests interacting with your tenants like a professional and becoming familiar with and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another crucial part of being a good landlord is considering how to set accurate rental rates. Initially, you want to research and learn about the local rental market. Allowing that you may have a decent rental rate in mind, it’s crucially important to learn what other similar rentals are charging in your town and neighborhood and do the same. It’s also very helpful 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 determine who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). Particularly suitable for owners of single-family rental homes for the reason that the type of rental and the location will, regularly, exert influence on the kind of tenant who cares to live there. Once you have a clear picture of who your renter demographic is, customize your advertising so that it will reach them. For many young or mid-career renter groups, this denotes 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 most crucial parts of being a good landlord. You absolutely should require all potential tenants to give you a written application. Carefully and thoroughly 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. A few landlords even check social media to get a real sense of who the applicant is. Yes, it certainly takes effort, but a correctly designed screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
As good as your screening process, your lease documents should correspondingly be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to sort out too late that your lease documents have loopholes or shortcomings that your tenant can exploit, more often than not, to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s additionally necessary to have an attorney check your documents to always make certain that they comply with all state and federal laws. Should a dispute emerge, 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. By way of illustration, it’s essential to be made aware of all financial transactions, including any money you spend on maintenance and repairs. Over and above that, establish to document your property’s condition both before a tenant moves in and after they move out. Photos are an incredible way to keep on top of wear and tear or repair issues. Additionally, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant several ways to contact you (email, for example) to help you document each exchange. Keeping tabs on your interactions with your tenant can be very useful indeed in the event of a dispute.
Consider Hiring a Property Manager
Naturally, as you can indeed see for yourself, 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 Raleigh, we guarantee quality Raleigh 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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