4 Tips for New Landlords

4 Tips for New Landlords

Becoming a new landlord is an exciting new venture, however, make no mistake about it— it comes with an incredible amount of responsibility. There are plenty of challenges that come along with renting out your property to tenants, so it helps to know these challenges before you get started. If you’re just getting started renting out a property for the very first time, here are some of the best tips to guide you through the landlord experience.

4 Tips for New Landlords

Know The Laws

There are all sorts of regulations and laws that come along with renting out property. It’s important that you know these laws before you get started. Claiming ignorance of these laws will not stand in court, so if you fail to follow certain rules like installing a fire detector, you could find yourself in a serious legal battle. Understanding the legal aspect of renting out a property will help you build a solid foundation for being a compliant and benevolent landlord, and a positive relationship with your tenants.

Screen Your Tenants

The key to successfully renting out your property is ensuring that you’re renting out to the right people. Even though you may be in a hurry to rent out your property as soon as possible, rushing into making your selection could be a huge mistake. Screen your tenants as thoroughly as possible to make sure that you choose the right person. 

You want to review the potential tenants’ credit history, and also conduct background checks. After all, do you really want someone with a criminal history renting out your property? The more thoroughly you can look into someone’s past, the more likely you are to make an informed choice about who will be living on your property.

Create a Thorough Lease Agreement

You want to make sure that you create a very thorough and well-crafted lease agreement that includes everything about your rental terms. You want to clearly outline all of your terms and conditions, from your rent amount to when it’s due, to any additional rules for the property like smoking.

If possible, you might want to consider consulting with a real estate attorney who can help you craft a strong lease agreement that doesn’t leave out any relevant information or terms. The more thorough you can be with your lease agreement, the more you can avoid misunderstandings in the future, and create a positive relationship with your tenants.

Be Proactive

Regular and proactive maintenance is critical not only for fulfilling your role as a landlord but also for preserving the quality of your property. Any time your tenants have a concern with the property, respond to the issue promptly. The more you let problems persist, the more you put yourself at risk for a dispute with your tenant, not to mention, failing to make repairs at the earliest sign of a problem can avoid even more expensive problems down the road.