4 Must-Read Tips For New Landlords
Being a landlord is a great way to make a living and can be a rewarding role to be in. However, it doesn’t mean that it doesn’t come with its own set of challenges.
You want to make sure you properly settle into your new position so you can succeed and have a stable career or side gig. Be patient with yourself because it may take some time before you feel completely comfortable managing your properties and making the tough decisions.
1. Educate Yourself
It’s important that as a new landlord you know what you’re doing. Brush up on the landlord-tenant laws and other related laws that will affect you and you should know about. Make sure you’re up to speed with all the latest regulations that are in place regarding your role and that come with being in charge of properties. The more you know, the more confident you’ll be and the fewer mistakes you’ll make, and less surprises you’ll encounter. Put everything in writing and make sure you know what information needs to be in a lease.
2. Know Your Limits
Another must-read tip for new landlords is that you should know your limits. It’s going to require a lot of time and energy on your part to properly manage property or multiple properties. You need to know what you can handle and when to hire help. For instance, you might want to reach out and work with a residential property management company to take some of the stress and burden off of you. They know what they’re doing and having them on your side will also free up more of your time.
3. Vet Your Tenants
Your job is to make sure someone’s living in your properties and paying you rent. Therefore, vet your tenants and have a process and paperwork in place that helps you do so. Follow through with credit and background checks and call up the last landlord they worked with to ensure they are reliable with paying rent and taking care of a place. Make it easy for your tenants to pay rent so that you can avoid issues in this area. Also, be cautious about pets because many times they can cause damage and might bring about more problems. Be a good landlord by thoroughly screening your tenants so you feel comfortable with who you choose to fill the open vacancies.
4. Be Available & Address Issues
Open and honest communication should be a top priority as a new landlord if you want all to go smoothly. Be available so that your tenants know how to get in touch with you and can do so without any issues. It’s in your best interest to know what’s going on at your properties so you can take action and keep them well-maintained and in good shape. If you’re not around make sure that there’s someone who can answer your calls and address an issue right away. You might want to consider taking pictures of the properties you own before someone moves in to ensure all are kept up to your standards.