Being a landlord isn’t that easy, it requires efforts to find potential tenants and maintain the property so that it may give long term benefits. Before you decide to rent out your home, you must know some do’s and don’ts that will guide throughout the course of becoming a successful landlord.
- Stay Informed – As a landlord you should always remain updated about real estate laws and regulations. These laws are significant for all landlords
- The Real Estate License Act
- Protecting Tenants at Foreclosure Act
- Fair Credit Reporting Act
- Property Code
- Carefully screen tenants – Responsible tenants are essential for a convenient and hassle free renting experience. Therefore, you must set high standards when screening the tenants.
- Prepare a comprehensive lease – It is recommended to create an effective lease that will help you to both safeguard your property and retain good tenants for a longer time period.
- Make rental payment easy– You may include a clause in your lease agreement that will allow tenants to pay rent online using any reputed rent payment company. This will reduce the rate of delays in rent payment.
- Establish sound relationships – A good relationship with the residents make it easier for them to communicate regarding any issue that they may face in the rental home. This will help to maintain the property and also increase the likelihood of tenants staying in your property for a longer period.
- Take care of maintenance – Keep a check on the condition of your property by making frequent visits. If any type of repair or renovation is required, get it done by a trusted professional. However, do not hinder tenant’s private life.
- Opt for professional services – A professional property manager will guide you with all legal and paperwork. Right from property marketing and tenant screening to repair and maintenance, all property related tasks will be handled efficiently.
- Provide prior notice – As a responsible landlord, you must notify your renters in the following situations–
- Any kind of major repairs in the property
- Arranging property for showings (for prospective tenants or buyers)
- Any legal issue such as eviction
- Offer Incentives – It is a good idea to offer some incentives to your tenants like relaxation in lease or some discount in rent. This encourages them to be more responsible and maintain the property as their own.
- Do not discriminate – You should never discriminate tenants based on caste, creed, religion or sex.
- Do not charge for small repairs –You should not charge your tenants or deduct amount from their security deposits in case of minor deteriorations caused during their stay.
- Do not over rate your property – In order to gain more from the property, you should set the rental price wisely. Keeping it too high may distract the potential tenants.
The above mentioned points can help you to become a successful landlord and reap long term profits.
We, at Property Management Plano, can help you to successfully rent your home and find potential tenants. For more information, you can visit N Central Expy, Plano, TX 75074.