Becoming a new landlord can involve a lot at once. There are so many important things to consider when becoming a landlord. Here are some tips for your new business venture.
Legal Considerations
A new landlord must think about many legal considerations. Generally, landlords need to manage rent, security deposits, and lease agreements and make sure the unit is ready for the tenant on move-in day. Your local area may have its own laws about what landlords are responsible for. Look into local laws in your area and read up on what you’re obligated to do.
Tenant Screenings
An important part of being a landlord is screening potential tenants. Your tenants may want to know they’re living in a safe building free of any unnecessary risks. There are many reasons to run background checks on tenants, one of which is that it provides them with a safe place to live.
Maintenance
When you’re a landlord, your responsibility is to provide tenants with working appliances and fixtures throughout their stay on your property. Keep appliances up to date and service them anytime they’re no longer working. Manage plumbing issues as they arise, and keep the conditions in the space livable.
Management of Complaints
You’re going to hear tenants complain from time to time. Take on complaints with understanding, and communicate about issues to keep your tenants happy. Keep in touch with your tenants throughout the process of addressing their concerns, and they’ll feel heard.
Move-Out Inspections
Inspecting each property upon move-out is a given for any landlord. You’ll need to take stock of every detail and assess if there are any problems to fix. Inspecting your property will tell you if you need to withhold any of the security deposit or make repairs to appliances or fixtures before your next tenant moves in.
Rent
As a landlord, you’re going to want to regularly check the rent in your area and know when to update your rent prices. Adjusting rent according to your local market is one of the most important things to consider when becoming a landlord.
Property Management
If managing your property, tenants, rent, and inspections is too much for you, consider hiring a property manager to handle these things for you. A property manager isn’t for everyone, but if you live far from your property or have another full-time job, a property manager may be the right choice for you.
