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.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

does a garage add value to your property
Home and Living

Does a Garage add Value to your Property?

The most important part of this subject, well leastways for me, is if you have the space / land available so to have the choice of either a garage or not. Surely this plot of land holds the value and it is over to the home owner if they would like a garage or not?…
Read More
Letting Agent Talk

How to Be an Awesome Landlord in 2022

Some people may view being a landlord as an easy way to make money, but there’s much more to it if you want to truly excel in this role. The best landlords always go above and beyond to provide comfortable homes for their tenants and make them feel as welcomed as possible. Indeed, to be…
Read More
Property for sale
Estate Agent Talk

Selling Your House? Here’s What You Need To Do

Selling your house is a big decision. It’s not something you do every day or even every year. So, when the time comes to sell, you want to make sure you’re doing it right. That means getting the best possible price for your home and making the process as smooth and stress-free as possible. So,…
Read More
Estate Agent Talk

What Are The Factors To Appreciates The Real Estate Property Prices

Are you planning to sell your home? Are you buying a home? Whatever the scenario is, there are some things that you need to look after. In case you are selling your house, you have to set the price on the basis of those factors, or you need to ensure that all these things are…
Read More
Breaking News


A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of ContentsHide On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets LexisNexis and Coadjute partner speeding property market…
Read More
Estate Agent Talk

How can Cash House Buying Agencies thrive in 2022?

Like many other industries in the world, the UK property market is constantly evolving. Industry players therefore need to keep a keen eye on the key markers that define the state of the industry. As 2022 ushers in new changes and realities, industry players like cash house buying agencies need to arm themselves with current…
Read More