The authority that comes with being a landlord is undoubtedly enjoyable, but the responsibilities that come with this authority are also pretty tiring. It's all great when you are receiving the ROI on your rental property, but not so much when you are running after contractors for maintenance or when you are chasing tenants. Being a landlord is hard work, and this needs to total dedication a whole lot of patience. As a landlord, you will need to become a people's person; you will need to be extra polite to your tenants to make them signs extended leases. You will also need to make sure your rental is the best among the rest, and all this does take a lot of time and effort.
If you have just started your career as a landlord, you have a long way to go and a lot more to learn the posting property listings or talking pictures of your property for your potential tenants. As a landlord, the list of your responsibility may be longer than your height, but need not worry as we are here to help you with the ultimate checklist for the landlord. This checklist will help you make sure that your investment goes a long way and reap a profitable ROI.
More than anything, the renting business is about tenants. The renting business starts with tenants, and it ends on tenants as well. So, this is the first thing that you need to look out for. Before renting out your property, get to know your tenants better. Like tenants have the choice to approve or reject your place for renting, you have the same right to refuse or accept your future tenant. Make sure that you do proper tenant screening and take interviews before letting them rent your place out.
Get references, all the necessary information about the tenants, their background, and conduct a detailed interview to get to know your tenants better. More than anything, you should trust your gut feeling when taking on a new tenant. If you dint like a tenant, make sure you turn them down politely.
Every business comes with a set of potential risks, be prepared for your share of risk when opting for the landlord career. You will need to be open with your tenant regarding everything; the rules, their roles, and responsibilities as well as your roles and responsibilities. Your tenants need to know the exact date and time to pay rent, late fees, keeping the noise down, taking out the trash, and keeping the property clean. However, mishaps happen; it's better to have the landlord's insurance. If nothing else, it will give you peace of mind.
The state and government require the landlord to ensure that his property is habitable and safe for the tenants. This is an obligation that is the sole responsibility of the tenant. Gas, electricity, heating, and air conditioning all come under this obligation. Any equipment that is already installed in the rental is also the responsibility of the landlord. In case of any emergency or repairs, the landlord will be held responsible.
Fire safety, as well as smoke detection, also comes under the safety of the rental property. All states have particular rules and regulations regarding the fire safety of all rental properties. The landlord is also responsible for mold and rodent issues as any rental with these two problems are considered inhabitable. So before the new tenant moves in, the landlord is required to inspect the property and make necessary repairs. If you don't have energy-efficient electric equipment, you should come clean to your tenants so that they know how to take steps to minimize the energy bills.
This way, at the time of leave, you will have an easier time assessing the damage incurred by the tenant, and you will have all documentation signed by the tenant to prove your accusations. An inventory like this helps a lot when the old tenant is moving out and demanding his security deposit.
Repair and Maintenance:
The repair and maintenance is one part of the real estate that is widely discussed and argued. However, as a landlord, you are in the position to dictate the lease agreement and communicate to the tenant what his responsibilities regarding repair and maintenance are. Damage to furniture or amenities is the responsibility of the tenants; similarly, if anything goes wrong with the pipes, heating, or boiler, it's the responsibility of the landlord to get it fixed.
Make Your Rental Renter Ready:
The demand for properly furnished and equipped rental properties is extremely high. In today's fast-paced world, no tenant has the time to set the house and buy the furniture. So, you need your rental to have basic furniture, appliances, and all installments working perfectly when the tenants move in. A bare house will not attract elite tenants. Your basic furniture involves bed, cupboards, wardrobe, chairs, and tables. Your bathrooms, as well as the kitchen, should be in full working condition. Adding amenities like Wi-Fi, the internet, as well as cable, are huge bonus points, adding kitchen appliances, bathroom utilities and washing machine with a dryer can be a huge plus to make your property attractive. Real estate is a competitive business, and landlords are going out of their way to make their rental property better than the competition.
Your rental needs to be in perfect condition if you are to attract tenants listing, photography, property maintenance, tenant screening as well as drawing up the perfect lease agreement all lies on the landlord. If you are new in the business, it's highly recommended that you hire a property manager to sort out the details and learn the ropes.