Top Tips For New Landlords
Becoming a new landlord can be a very exciting time in your life. This is a great way to invest into your future and to make a few extra bucks a month. But for most, this can be very stressful. Here are a few tips for new landlords to help with avoiding costly problems and hopefully making your new job easier.
Rent Comes First
Always remember that rent is the number one priority. Never offer discounts or leniency to people. This is your income. Set strict deadlines and always adhere to them. It can be difficult and uncomfortable tracking down the rent or charging a late fee, but it is important to be stern and consistent from the beginning. It might sound harsh, but if you offer mercy once, it will make it much harder to gather future payments, which might result in you losing money or possibly having to evict your tenant.
Find The Right Tenants
Screening applicants for your new rental is a very important step for every landlord. Never jump to the first applicant just to get someone in the door right away. The wrong tenant can be the difference of having stable monthly income, to having to do a complete remodel. Be sure to review all of the information of as many applicants as you can before making your decision.
Don’t Allow Pets
Allowing pets may seem like an easy way to get more people to apply to live in your property. While it is an added bonus for them, it may be a nightmare for you. Cats and dogs can cause far more damage than the typical security or pet deposit can cover. They can create smells that are extremely hard to get out, they can destroy your flooring, they can dig up the yard, and pets can be a nuisance to the neighbors. When starting out as a new landlord, it is very smart to inform people that pets are not allowed.
Study The Fair Housing Laws
There are a lot of rules when it comes to being a landlord. Before you do anything, it is imperative to understand all of the fair housing laws. There are a lot of ways you can get into legal trouble if you are not aware of each and every law. Being educated beforehand is the best way to prevent costly mistakes.
Use Technology To Your Advantage
In today’s technological age, there are a lot of great new pieces of technology designed to help landlords. There are many apps, websites, and tools out there to make managing a property less of a headache. One of the most convenient options that you should offer is the ability to pay rent online. This will save time for not only your tenant, but for you as well. This can help you find more applicants and can help automate the annoyance of collecting monthly rent.
Although being a landlord can be very intimidating, it has many rewards. Once you are ready to take on the challenge, you need to find the right property. If you get a house in the wrong area or a house that is the wrong size or the wrong price, you may have a lot of trouble finding and keeping tenants. For help finding the right investment property and for more tips and tricks, contact Simple Solutions Realty Firm today!