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Essential Tips for Being a Good Landlord

New Tenants Shaking Hands with Warren Property ManagerAnyone can be a landlord. It is also true that it takes effort and skill to be a good landlord. Whether you are a first-time rental property owner or have been a Warren landlord for a little while, this is a good time to get going and start developing the habits that set good landlords apart from the rest. Here are different top tips that will definitely help you grow your skills and professionalism.

Treat Your Rental Property Like a Business

People evolve to be landlords in various ways. Irrespective of how you become a landlord, it’s essential to treat your rental management as a business. As much as any business, being a good landlord will necessitate an investment of both time and money. It’s really important to protect your valuable asset – your rental property – by guaranteeing that it is comfortable and fit to live in. This implies taking care of maintenance and repairs before they emerge to become big problems. It equally connotes interacting with your tenants like a professional and having a clear knowledge of and following all state, federal, and local landlord-tenant laws.

Set an Accurate Rental Rate

Another really important part of being a good landlord is comprehending how to set accurate rental rates. Specifically, you must research and learn about the local rental market. Though you may have the most qualified rental rate in mind, it’s pivotal to take in what other similar rentals are charging in your town and neighborhood and emulate them. It’s imperative 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 for sure who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). This applies in particular to owners of single-family rental homes because the type of rental and the location will normally control the kind of tenant who aspires to live there. When you apprehend who your renter demographic is, match your advertising so that it will reach them. For several young or mid-career renter groups, this involves marketing your rental online and giving quality photos, virtual tours, and online applications.

Invest in Tenant Screening

Your tenant screening process is one of the significant parts of being a good landlord. You should have all potential tenants give you a written application. Attentively 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. Numerous landlords even check social media to get a sense of who the applicant is. It takes effort, but the right screening process can help you find a good tenant more confidently.

Create and Use a Custom Lease Agreement

As much as with your screening process, your lease documents should also definitely be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to detect too late that your lease documents have loopholes or weak spots that your tenant can exploit, to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s further crucial to have an attorney check your documents to warrant that they comply with all state and federal laws. Should a dispute unfold, 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. As an example, it’s pertinent to keep up to date with all financial transactions, including any money you spend on maintenance and repairs. In particular, it’s important to document your property’s condition both before a tenant moves in and after they move out. Photos are an appropriate way to monitor wear and tear or repair issues. One final thing, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant different means to contact you (email, for example) to help you document each exchange. Being alert to your interactions with your tenant can be very beneficial in the event of a dispute.

Consider Hiring a Property Manager

As you can very well 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 Metro Detroit, we give quality Warren 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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