Anyone can be a landlord. But really, it takes effort and a lot of know-how to be a good landlord. Whether you are a first-time rental property owner or have been an El Segundo landlord only briefly, this is the right time to develop and enhance habits that set good landlords apart from the rest. Here are just some of the top guidelines that will help you upgrade your skills and professionalism.
Treat Your Rental Property Like a Business
People turn into landlords in quite many different ways. Never mind how you become a landlord, it’s very important to treat your rental management as a business. Just the same with any business, being a good landlord calls for an investment of both time and money. It’s considerably important to protect your valuable asset – your rental property – by making certain that it is safe and fit to be inhabited. This connotes taking care of maintenance and repairs before they develop into huge problems. It moreover means interacting with your tenants like a professional and comprehending and following all state, federal, and local landlord-tenant laws.
Set an Accurate Rental Rate
Another huge part of being a good landlord is knowing how to set accurate rental rates. Firstly, you’ll be bound to research and learn about the local rental market. Despite that you may have a great rental rate in mind, it’s salient to consider what other similar rentals are charging in your town and neighborhood and go with it. It’s indeed integral to stay on top of market changes and renew your rental market assessment at least once a year.
Know Your Renter Demographics (and where to find them)
Good landlords know very well who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). It is even more so for owners of single-family rental homes since the type of rental and the location will in general attract the kind of tenant who wants to live there. When you do find out who your renter demographic is, tweak your advertising so that it will reach them. For multiple young or mid-career renter groups, this means marketing your rental online and easily providing quality photos, virtual tours, and online applications.
Invest in Tenant Screening
Your tenant screening process is one of the key parts of being a good landlord. You should certainly ask all potential tenants to give you a written application. Completely check all of the information they submit by running credit and background checks, calling previous landlords and references, and simply doing a Google search on their name and location. Lots of landlords even check social media to get a real sense of who the applicant is. It takes effort, but a really good screening process can help you find a good tenant more confidently.
Create and Use a Custom Lease Agreement
Just the same with your screening process, your lease documents should likewise be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to figure out too late that your lease documents have loopholes or inadequacies that your tenant can exploit, most often to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s similarly critical to have an attorney check your documents to make certain that they comply with all state and federal laws. Should a dispute appear, lease terms that violate a tenant’s rights will be unenforceable in court.
Keep Records of Everything
Another thing that all good landlords do is keep records of everything they do related to the property. Such as, it’s crucial to monitor all financial transactions, including any money you spend on maintenance and repairs. In addition, see to it to document your property’s condition both before a tenant moves in and after they move out. Photos are the best way to be alert to wear and tear or repair issues. Lastly, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant several easy ways to contact you (email, for example) to help you document each exchange. Keeping a record of your interactions with your tenant can be very profitable in the event of a dispute.
Consider Hiring a Property Manager
So as you already see, it takes time and effort to be a good landlord. But if you don’t have much time to spare, you can still be a good property owner by hiring a property manager to handle everything for you. At Real Property Management California Coast, we effectively offer quality El Segundo property management services that include expense tracking, convenient online rental payments, tenant screening, quality lease documents, and much more! Contact us online today to learn more.
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