Investing in a rental property makes you a landlord. You might have had experiences with landlords in the past when you rented your first apartment. Now is your chance to build on those experiences and generate a decent revenue stream. Here’s how to improve your chances with landlord success:
Set Your Policies
As the landlord, you’ll be the first call your tenant will make if something goes wrong. That doesn’t mean you have to be open 24/7. Renting a home or apartment is a business and you should treat it like a business. That starts with setting office hours. There is nothing wrong with telling a tenant you’re office hours are 9 to 5. After hours, they can leave a message. You can always check those messages or have them forwarded to your cell. Once you establish a policy, don’t back down. Your cover is always, “Sorry, that’s the policy.”
Put Everything in the Lease
There are plenty of boilerplate lease agreements you can utilize to set up your rental business. However, you need to read those agreements carefully and make sure they cover all the issues that you want covered. Things like a “no pet” or “no painting” rule should be in the lease if that is important to you. There should be no doubt about what you expect from your tenant if it is in the lease.
Choose Your Tenants Wisely
It’s not a stretch to say that most renters “fudge” a little on their applications. They want to look impressive to you. The burden is on you to screen out the “bad apples.” That means running a credit check, making sure they have a stable source of income and that they don’t have any evictions or felonies on their record. Yes, everyone will seem “nice” when they come to look at your property but that doesn’t tell you anything. Best resource: Check with their last landlord.
Be Respectful Of Your Tenants
When you hand the keys over to your tenant, you’re essentially putting them in charge of your property. If you treat them with respect, then they will treat your property with respect. That can start with letting them make the place their home. Just because you don’t like red walls doesn’t mean they wouldn’t like red walls. As long as you have an understanding (in the lease!) about what modifications they can make, and then let your tenants enjoy their “home.” This doesn’t mean you have to become friends with your tenants but a respect is a two-way street.
It is also your responsibility to maintain your property. That means getting rid of any rubbish left behind by a previous tenant as quickly as possible. Your current tenants don’t want to feel like they are surrounded by junk. One call to Junk King St. Petersburg can quickly clear out any apartment. The moving crew assigned to your cleanup won’t have a problem lifting heavy objects or climbing up and down stairs. A great partner for your landlord business is Junk King St. Petersburg. Keep the number handy.