Managing rental property requires time, energy and a thorough understanding of landlord-tenant laws. Whether you’re a first-time rental owner or an experienced investor, it’s important to know your responsibilities as a landlord and how to handle issues that may arise.
A successful rental operation starts with a high-quality tenant. You’ll want to screen your applicants thoroughly using a tenant screening service, such as TransUnion SmartMove, that can run a credit report, renter background check and eviction checks. This allows you to get a more complete picture of your applicant’s past so you can choose the right tenants for your investment properties.
Once you have your tenants, it’s important to stay in contact with them, address their concerns and take care of maintenance issues as quickly as possible. Tenants are more likely to stick around if they feel their needs are heard and the property is well-maintained.
It’s also important to keep up with market trends so you can increase your rent when the time comes. This can be done without losing your existing tenants, but it’s a good idea to let them know the process in advance and make sure you have the proper paperwork in place.
In addition, you’ll need to have a clear lease agreement with your tenants that specifies how much monthly rent is, how it should be paid (check, electronic payments, etc.) and any other fees they are responsible for covering. You’ll also need a way to collect rent and deposit it into your account, as well as manage any security deposits. rental property management