Renting 101: Essential Tips for Property Owners

Renting 101: Essential Tips for Property Owners

As someone who owns a property, you may be looking into how you can use it to create a source of passive income. And the reality is that renting out your property can be a great way to make more money. But before you commit to becoming a landlord, you need to thoroughly prepare. To get all your ducks in a row, consider these tips below:

Check out potential tenants

One of the most important things that you should consider as a potential landlord is tenant screening. Getting background information on someone can help you avoid several issues, ranging from previous harassment problems to financial reports that showcase their inability to stay on top of payments.

 While you may feel uncomfortable with the idea of looking into potential tenants, the stress and money it could save you by alerting you to questionable situations will give you peace of mind. There are several options available for looking into an individual’s past so that you can protect your property and any other tenants that you may have on your property.

Hire a go-to contractor

If you often need to update, repair, or remodel your properties, make sure you’re going to the right people for the job. A contractor you can trust for quick repairs or extra add-ons to your property can make your life so much easier.

Instead of having to look up reliable contractors every single time you need to do some work on your home or condo property, you can give your go-to professional a call. From outsourcing to a 3rd party company to hiring someone to work for your property management company, there are several ways that you can go about making sure you always have someone ready to keep your property looking great.

Make life easy for tenants

Good tenants aren’t always easy to come by, so as a landlord, you do want to make sure that you are doing what you can to make things easy for your tenants. Being quick to respond to maintenance requests, repair needs, and simple favors could help you keep reliable tenants for many years to come. Although a professional connection should be maintained with tenants at all times, offering support and understanding is something that a reliable landlord may do to build a long-standing connection with tenants.

A lease is always a must

If you want to be confident that you’re covering your bases and even those of your tenants, you need to have a lease. As a legally binding contract, what you include in your lease can help to protect you, your property, and even that of other tenants, if you have them.

If you need some support to be sure that you’re including everything within the lease that should be included, hire a real estate lawyer, who can offer the knowledge and legal support needed to come up with the best terms for renting out your property.

Simplify processes with technology

A great way to manage maintenance requests from your tenant(s) as well as receive rent payments is to use software that is both secure and easy to use. Gone are the days of having to accept cash or checks for payment, unless that’s how you want to receive them. With the use of online rental software, you can have all the information that you need in one place, making it easy for you to manage multiple tenants if that’s important to you.

In Conclusion

Owning and renting out a property can be a lot of work, but it can also be worth it to help you make extra money and make use of your home, especially if you won’t be living in it for a long time. Always make sure you have property insurance to make sure you’re extra protected!