Managing Rental Property Will Be No Sweat With These Easy Steps
By Teo Zhenjie
Managing rental property isn't as easy as it may seem, but these simple suggestions are a great to work with if you want to become a landlord and aren't quite sure where to start.
Here are the steps you should take in order to effectively manage a rental property.
Take the Time to Know Your Local Landlord Tenant Laws
It's important to take the time to understand your landlord tenant laws. Every state has their own laws governing what a landlord can and can't do. Understanding your rights and your tenants' rights is a vital first step in the process. Managing rental property will go much more smoothly if you take the time to do your homework first.
How to Find and Screen Your Potential Tenants
You can't get a tenant if no one knows your property is for rent in the first place. Drive-by signs are a cheap and proven way to advertise your property. In fact, one study showed that nearly 50% of tenants found their rental properties this way. Other places to advertise include the local newspapers and online property classifieds.
Make sure you screen all potential tenants thoroughly. One of the most important aspects of managing rental property is to choose your tenants wisely. Take the time to meet possible tenants in person, and don't let your emotions get in the way. Be sure to run a credit employment, and rental history check before agreeing to rent to someone.
Draw up Your Lease Agreement and Inspect Your Property
Protect yourself by drawing up a comprehensive and ironclad rental agreement, no matter what type of tenancy you are planning to have. Make it clear what your expectations are, and make sure you do a property walk through and complete an inspection checklist with your tenant to record the condition of the rental property upon move in.
Handle Property Repairs and Learn to Manage Tenants
Managing rental property is just like running any other business and showing your professionalism is vitally important. When your tenant first moves in, take some time to adjust them to the neighbourhood and nearby amenities. Make sure they can reach you in an emergency and respond quickly to any emergency maintenance calls.
The bottom line is that you should go into this with your eyes open. Remember that the more you know about local laws, the better prepared you will be when issues arise.
Finally make sure you always have a back up plan. Have some cash reserves on stand by in case a tenant moves out unexpectedly or a major repair needs to be made. It's also a good idea to hire the services of a real estate lawyer to review your lease agreement and other paperwork or get you out of messy legal troubles.
Rental properties are a good investment, but you can't simply grab a renter and forget about it. If you take these steps for managing rental property, you'll find that the process will go much more smoothly.
Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo ( http://www.propertydo.com/ ). Visit his website today for step-by-step real estate guides, free resources and forms. Click here for more important tips on managing rental property: http://www.propertydo.com/managing-rental-property.html.