If you have been a landlord for many years or have just purchased your first rental property, there is no doubt being successful at this will be harder than you expected. Once you become a landlord, your tenants will expect you to handle each and every problem they send your way. If you are not careful, your landlord responsibilities may not only overwhelm you and give you very little free time to enjoy life but also possibly put you in legal trouble as well. To make being a landlord more manageable, take the following four steps.
Remember, It’s a Business
Once you become a real estate investor and purchase a rental property, always remember it is a business and should be treated as such. This means not only making sure you always act professionally with your tenants but also keeping up with the latest rules and regulations regarding landlord-tenant relationships. By running your rentals just as you would any business, things will always go much smoother.
Hire a Property Manager
If you don’t want to have tenants constantly calling you to come to unclog a toilet or fix something else that broke in the middle of the night, consider hiring a property management firm to handle all the details. Along with handling maintenance issues, a property manager can market your properties, find new tenants, collect rent payments, and deal with evictions when necessary. When selecting a property management firm, always make sure you check their track record to ensure you are getting the very best to manage your properties.
Invest in Landlord Insurance
Something many landlords tend to overlook is, landlord insurance can be an investment that can save you plenty of money as well as legal problems along the way. Once you purchase landlord insurance, you immediately gain protection from accident or liability claims coming from tenants or others who were at your rental property.
Have Everything In Writing
Finally, always ensure you have everything in writing concerning you and your tenants. This is crucial as it pertains to leases since a good lease will always be very precise and clear about such things as the rent price, rent payments, how repairs will be handled, the amount of notice required for evictions, and so forth. By working with your property manager as well as your attorney on this, you can expect your time as a landlord to be much more peaceful.
Whether you are a full-time landlord or own rental property as a sideline investment, following these tips will ensure you as well as your tenants stay happy.
