If you’re a landlord, you should never take your role lightly. It’s important to be as prepared as possible before renting out your property. Make sure that you’re ready to handle any issues that may arise. Read through the tips below to learn some helpful tips experts like Bernshtam recommend you to keep in mind as a landlord.
- Plan Ahead
Before you start listing your property on Craigslist, make sure you have a plan for what sort of renter will be able to afford your place and who you will be able to trust. Here are several tips for successful property management throughout the process:
– In order to find a renter, you may want to start with family, friends, and anyone else you trust. Focus on finding someone who can prove they will be able to afford rent before going through with the process.
– You’ll need a digital application for potential renters to fill out before meeting them in person. Include questions about their credit score, rental history, and any other points you’d like to know about.
– Make sure to conduct tenant screening before allowing anyone to sign a lease with you. To screen potential renters, check their credit score as well as their employment status and rental history.
– Go over the lease agreement together, so they will know what is expected of them moving forward.
– Set up a property management company to handle any issues that may arise with the tenant after you place them in your unit. Ensure the company offers full service, including maintenance for emergencies and other concerns.
- Protect Yourself with Insurance
As a landlord, it’s important to have insurance protecting your assets just in case something does happen. Before renting out your unit, talk to an insurance agent that specializes in landlord insurance to make sure you are covered in case of any damages or accidents that may occur on the property.
- Hire Someone
Don’t want to go through all of this trouble alone? Hire a CPA and tax professional to handle all of your paperwork. They are experienced in the property management industry and can provide you with tax returns, financial statements, and more.
- Screen Tenants
Screening for renters is important because it ensures that they will be able to afford your unit as well as follow the rules. Make sure you include all of the following when screening renters in order to gain a better understanding of who they are:
– Ask them about their job and financial situation. Can they afford your rent? Do you feel comfortable with their income?
– Inquire about tenant history. Has this person rented before? If so, where was the previous address? How much were they paying, and how often was the rent on time?
– Find out if this person has any pets. Some landlords choose to restrict their units to “no pet” renters, so find this information out now.
– Ask them about their hobbies and interests. You can even ask if they smoke or drink, as many people prefer non-smoking buildings.
– Find out what they think about the neighborhood and if there are any parts of it, they don’t like. Knowing a renter’s likes and dislikes can help you make a better decision on who to choose as their tenant.
- Consider Tenants’ Rights
In some areas, including Pennsylvania, there are laws that offer renters’ protections. For example, renters are protected from landlords evicting them without good reason. Make sure that you are following the current laws in place so that your tenant is treated fairly throughout the process.
