Crucial Factors to Remember for Landlords

May 8, 2013 by

Crucial Factors to Remember for Landlords

Although it might seem like being a landlord is as easy as a pie, the truth couldn’t be further away from this myth. If you are someone who has a few rental properties, then you must of course be thinking of letting them so that you can earn your bread and butter. However, before you venture on this journey, let me tell you that to be a successful landlord, there are Crucial Factors to Remember for Landlords.

Even though there is a very large and extensive list of things that a landlord ought to bear in mind, I will be talking about some that are most needed and crucial. So, without further delay, read the pointers given below and start to implement them in your renting plan right now.

1.     Don’t Set the Price too High or Too Low

When you are putting up a rental property on the market, the most important point that you need to keep in mind is to set the right rent. Remember that the rent of the property will depend on several factors such as the overall square footages and rooms, the location, the amenities that you are providing, along with the standard rates for renting in the vicinity.

2.     Do Screen Tenants

As a landlord, it is extremely vital for you to screen tenants and at least run a basic background check on them to make sure that they are going to keep their end of the deal. People may seem and talk very nicely when they come in to rent an apartment but as a landlord, you need to ensure that the people you are letting in are reliable. Running credit history checks or asking for references will tell you if the person can hold up a constant job to pay the rent every month.

3.     Don’t Leave the Problems to Grow

As mentioned, becoming a good landlord isn’t a piece of cake and so you have to expect a few problems here and there. Whether these problems are in the form of tenants or repairs, you have to take care of them immediately, before they turn into even bigger issues.

If you are having problems with the tenants and can’t seem to handle the situation on your own, bring in a letting agent who will know best. If your tenants are complaining on a problem, call someone who can take care of it, otherwise the tenants can and will take legal action against you.

4.     Do get it in Writing

When it comes to putting any property on rent, the one thing that you must remember at all times is to get in writing. Do not; under any circumstances depend on the word of mouth. The contract that is being signed needs to have the month-month rental agreement that has been decided, along with any claims for repairs and problems. If you don’t know how to formulate a lease or agreement, look through the internet and you are bound to find the renting laws that are applied in the area.

5.     Don’t Be Overly Friendly

Amateur or new landlords often do not know or understand that being overly friendly can cause a lot of problems for them in the long run. You have to know that if you do not keep the relationship between yourself and your tenant strictly professional, it can affect more than one area. For instance, if the tenants feel that you are too easy, they can start to skip on the rent and perhaps even do damage to your property.

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