Anyone can be a landlord. Despite that, it is a matter of fact that it takes effort and expertise to be a good landlord. Whether you are a first-time rental property owner or have been an Orem landlord for quite a while, this is the right time to get cracking on building the habits that set good landlords apart from the rest. Here are a few top points that will help you grow your skills and professionalism.
Treat Your Rental Property Like a Business
People grow to be landlords in completely different ways. Despite how you become a landlord, it’s critical to treat your rental management as a business. As well as any business, being a good landlord will entail an investment of both time and money. It’s substantial to protect your valuable asset – your rental property – by safeguarding that it is out of harm and tenable. This denotes taking care of maintenance and repairs before they turn into heavy burdens and challenges. It, therefore, spells out interacting with your tenants like a professional and being informed of and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another primal part of being a good landlord is realizing how to set accurate rental rates. Primarily, you’ll need to research and learn about the local rental market. Even if you may have an appropriate rental rate in mind, it’s vital to comprehend what other similar rentals are charging in your town and neighborhood and mimic them. It’s furthermore crucial 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 know pretty well who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). This is all the more true for owners of single-family rental homes on the grounds that the type of rental and the location will oftentimes determine the kind of tenant who would like to live there. The moment when you understand who your renter demographic is, tweak your advertising so that it will reach them. For some young or mid-career renter groups, this insinuates marketing your rental online and endowing quality photos, virtual tours, and online applications.
Invest in Tenant Screening
Your tenant screening process is one of the essential parts of being a good landlord. You should require all potential tenants to give you a written application. Thoughtfully and carefully 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. Pretty much most landlords even check social media to get a sense of who the applicant is. It takes effort, but a suitable screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
As well as your screening process, your lease documents should also be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to figure out too late that your lease documents have loopholes or faults that your tenant can exploit, customarily to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s key to have an attorney check your documents to safeguard that they comply with all state and federal laws. Should a dispute be carried out, 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. For example, it’s really important to be aware of all financial transactions, including any money you spend on maintenance and repairs. Specifically, determine to document your property’s condition both before a tenant moves in and after they move out. Photos are the best solution to keep up with wear and tear or repair issues. One last matter, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant ways and means to contact you (email, for example) to help you document each exchange. Keeping up to date with your interactions with your tenant can be very serviceable in the event of a dispute.
Consider Hiring a Property Manager
So as you can indeed see, 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 Utah County, we extend quality Orem 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.