Becoming a landlord is one step towards a successful journey. Leasing out your property not only boosts your income, but also helps to establish yourself in the property and real estate sector. However, you need to enrich yourself with knowledge for you to make it in the industry. You certainly don’t want to exit the property business as fast as you ventured into it. It’s for this reason that we have outlined some of the best tips to help you get the very best from leasing your property.
Be on good terms with your tenants
Tenants are the engine that keeps your business going. Otherwise, what is the essence of building a rental property? I can’t stress enough the importance of treating your tenants with uttermost respect and empathy. Respond to their complaints and concerns as fast as you can and in a professional manner. Dissatisfaction has been shown to be the top reasons why tenants move out of rental properties. However, you should be firm when dealing with your tenants to avoid issues like noncompliance with the lease agreement.
Put the lease agreement in writing
Although an oral lease agreement is allowed by the law for a lease period of less than one year, this is not a recommendable way to go for property owners and landlords. Always ensure that each of your tenants completely fills an application form; noting down important details like their contact information, employment, references and next of kin’s information. You should also ensure that they agree to and sign the lease agreement form which states the terms of the lease.
Know the landlord-tenant laws
The landlord-tenant laws provide clear guidelines on the relationship between the property owners and tenants. It outlines the eviction procedures, deposit security, and property maintenance among other issues. Understanding these laws not only eases your relationship with our tenants, but also prevents you from making mistakes in property management. Violation of any of the laws can lead to fines which can bring a huge toll on your revenues. Besides observing the state laws, familiarize yourself with the local property ownership laws to protect yourself from future suits and losses.
Building and managing property for rent makes you vulnerable to unforeseen risks that can tear down your business. It is for this reason that you should enroll for a landlord insurance cover. The policy covers you from financial losses that may result from non-payment of rent, malicious, water or fire damage and boiler breakdown among other circumstances. In addition, insist that your tenants get a renters insurance which will protect them and their belongings from losses emanating from theft and natural occurrences. The real estate investment involves a lot of laws, of which some may not be comprehensible to you. Therefore, it’s highly recommendable to get yourself covered in case you land on the wrong side of the law.
Thoroughly screen your tenants
The tedious task of looking for tenants may tempt property owners to do away with tenant screening. However, this can bring in adverse effects and turn out to be a massive mess to your property. Screening your tenants helps you to ascertain the kind of people you are dealing with. That said, you should check your tenant’s criminal, credit and previous renting history. Carrying out a thorough tenant screening ensures that you get trustworthy tenants who will keep your houses for rent in good condition as well as maintain peace with their neighboring tenants. Tenant screening has long-term effects and goes further to protect you from stress and headaches in the future.
Maintain your property
Maintaining your rental property is the best thing you can do for your investment. The landlord-tenant laws gives the landlord the sole responsibility of maintaining their property in accordance with certain standards. Furthermore, a well-maintained property has higher chances of attracting and keeping tenants than abandoned property. You should ensure that the drainage system is functioning properly and remove or repair breakages while keeping the environment clean and elegant. Perform regular checks in order to detect and fix issues. Maintaining your property keeps your tenants happy and is credited as one of the best ways to enhance tenant’s satisfaction.
Hire a property manager
Managing your rental property can be a gruesome task. Besides, you may not fully understand the state and local property laws and thus you become vulnerable to mistakes that can easily cost you a fortune. This is where a property manager comes into play. Property managers have vast knowledge in homes and apartments for rent and hiring one may be the best option to offload your huge management tasks. Besides collecting rent, a property manager can oversee repairs and the occupation of your property. Here at Los Angeles Property Management Group, our property managers are highly skilled and experienced to handle a wide range of rental properties. Feel free to visit our website, lapmg.com for more information.
It is indisputable that you should get yourself updated with relevant information that will help you to effectively manage your property and tenants. Implementing the above tips will certainly keep you away from trouble and losses, while ensuring that you benefit from renting your property.