As a first-time landlord, there are certain things you will want to do to get off to a good start. Take a few minutes to go over this list and maybe add a few things of your own as you go. The key to being a good landlord is to use common sense and treat your tenants the way you would expect to be treated.
Know Landlord/Tenant Laws
Take the time to go over the landlord/tenant laws in your area. This will let you know exactly what you should do if certain situations arise. These laws have been put in place to protect both you and your tenant. Knowing how they benefit you is essential if you want to be treated fairly in the rental process. Keep a copy of the laws in hand so you can look things up whenever you need to.
Maintain a Professional Relationship
Being a landlord is a business and it should remain a business no matter how close you get to your tenants. Maintaining a professional relationship as far as your tenants are concerned is the best way to make sure your business remains profitable. Avoid renting to friends and family members if you are afraid they may try to take advantage of their family ties.
Screen Future Tenants
Screen your tenants carefully. Do a criminal background check to determine if you may have trouble with the law in the future because of your tenants. A credit check will point out whether they are responsible for their money or not. Pay close attention to their financial records of at least three to four years. Bad credit now may be an indicator that they went through a difficult period but have started to revive.
Provide Quality Customer Service
Be a good landlord and offer quality customer service. Treat your renters the way you want to be treated. The saying “to get respect, you have to give respect” definitely applies in this situation. If your tenants have been good to you in the past, make sure to treat them with the same kindness whenever they are experiencing hardship. They will appreciate your help, and the two of you can work together to resolve the difficult situation.
Create an Air-Tight Lease
Your lease is a legally binding contract. Make sure that it is drafted correctly so that all of your interests are protected. Work with an attorney to make sure that the lease contains everything you want before you present it to your future tenant. If you don’t want your tenant to be able to break the lease, you will need to make sure there are no errors. This is where hiring an attorney who specializes in landlord/tenant law can save you from expensive lawsuits in the long-term.
Becoming a landlord doesn’t have to be a scary experience. If you have questions or concerns, contact the agents of ISU-Wissink Agency at your earliest convenience. Our team of professionals understands the landlord/tenant relationship and can guide you through the process of renting your first home or apartment.