The designation of a landlord is indeed much more attractive than any other job. But, being a landlord is not an easy task. It's not about renting your property; it comes with a lot of responsibilities. Besides, it's not only about getting a handsome amount at the end of the month; it's more accountability of the place. A landlord needs to ensure that the rental place has all the necessary arrangements required for comfortable living. In addition to this, other than the property landlord has to invest in other things to protect the property.
Let's go through a checklist that is necessary for every landlord.
Communication with the tenants:
You cannot act like strangers with your tenants. Also, you cannot just give your property on rent to an unknown person. You must have a link; it's your property, and you have the right to decide whether you are comfortable with a rental party or not. Even if you have mutual contacts with the tenants, you should trust your instincts. If you are not okay renting out your property to a particular family, you can politely turn down the offer. Besides, reference is a pretty common thing, and people happily give positive feedback. You must gather all the necessary information, such as information about the income, previous landlord's number, and other details.
Beware about the uncertainties:
Well, everything is there in agreement. But, it would be best if you communicate with your tenant. Sit with them before signing the contract; make them understand their duties. Also, explain to them that; they need to pay the rent on time, no extra mess, the neighbors should not complain about the noise. Not to mention, get landlord insurance; indeed, the best way to mitigate the uncertainties. However, having insurance does not mean that; you can be stress-free. You need to keep a check with your tenants.
Safe rental place:
First things first: before you rent out a property, you need to ensure that it is a safe rental for the tenants. You are obliged to check the proper functionality of the property. In addition to this, the electrical system and the gas equipment must be in good working condition. Besides, you need to have alarms and smoke detectors. Fire safety is extremely important; for both tenants and rentals. It's your property, and you need to invest in all of this.
Moreover, there should be reliable fire ducts in the kitchen. Regardless of how many properties you have, you must have kitchen ducts in all of your properties. The fire duct minimizes the damage; if there is a fire emergency. You are obliged to provide every necessary information to your tenants about the expected energy consumption and the cost. The best way to avoid any problems afterward; be completely transparent with your tenants.
Make a list:
An organized lift is an easy life. To ensure that; everything is in its place, make a checklist. You must have everything in bullet points about the overall condition of the property. If you have previously rented out the place, there must be some signs of wear and tear. Having an inventory list will save up a lot of time and effort, as you will have an idea about the place's condition and the cost you need to bear to redecorate it.
Maintenance and Repairs:
According to a study, maintenance and repairs is the main reason for the problems between tenants and landlords. The issues about the maintenance and repairs must be communicated by the landlord beforehand. If a tenant causes damage, he is liable to deal with it, no matter big or small. Besides, there is a proper clause about this in the tenancy agreement and insurance. However, if there is a repair issue from your side, you must organize the necessary repairs. For example: if the stove stops working; or there is a problem with any other appliance, you must fix it.
Ready to live:
Well, the tenants all over the world are extremely specific about the condition of the property. Also, they turn down the offer if the place is not properly furnished and equipped. The basic furnishings include a sofa, coffee table, TV, exhaust fans, lights, etc. Most importantly, the WiFi and other cables should work properly; nobody likes to live without the internet. Besides, the kitchen should have all the necessary appliances that are functional. The dryer and washing machine does not come under the basic furnishing, but you can add them to increase the value. Other than that, if you want to have a better value of your property, add bathroom essentials, cups, pots, paper, and towels.
You can not rely only on the tenancy agreement. There are details that you need to convey in person. You are obliged to convey all the necessary information to your tenants to keep them aware of everything. From the car parking rules to the garbage and other recycling guidelines, you must tell them. Most importantly, you must provide them the passwords of the internet. Besides, if you do not allow pets on the property, make sure to convey this before signing the agreement. The purpose of the keys should be well-explained.
Moreover, it's your due responsibility to make them aware of the neighbors and their nature. Most importantly, the tenants must know about the landscaping rules. Lastly, you must tell them your expectations from them; when they leave the property.
Well, being a landlord is a big deal; also, getting tenants is not easy. However, to get good tenants, you must take out time to properly capture the place. Photography does make a big difference; focus on the area, extra amenities, building, and neighborhood. Also, try to describe the images as well.