3 Important Tips for First Time Landlords
Property managers have a plethora of tasks they deal with, including, but not limited to: collecting rent, dealing directly with tenants, and handling maintenance and repair issues.
As a property manager, keeping owners in the loop with open communication is the key to continued success and a good owner-manager relationship.
Property managers can keep property owners happy if they keep these objectives in mind:
1) Screen Your Tenants
Know who you're renting to. The last thing you want is to rent out an apartment to someone who doesn't have the means to pay you.
It's not unusual for landlords to run a credit check on potential dwellers. Generally, you want to rent from someone who has a 600 credit score or better.
To gather this information and more, begin by asking interested parties to complete a rental form application. It should be completed thoroughly so you know your tenants, whether or not they're employed, and how responsible they are with paying bills.
2) Collect Rent on Time and Online
Rent is your revenue. Without it, owning properties is counterintuitive.
Make sure you work out with your tenant when rent is due every month, and what the consequences are if the rent isn't paid on time. There may be times your tenant can't pay because of extenuating circumstances.
If you have a good tenant who always pays on time, it's up to you how you want to approach it if they're late. In the end, it's about understanding your tenant and creating a good landlord-tenant relationship.
The traditional way to collect rent is with a check. But many landlords are now using Paylease, an online payment service. This ensures on time payments, and opens the window for tenants to pay with a credit card if they need to.
3) Understand Fair Housing Laws
This is probably the most important tip. Understand Fair Housing Laws, as there can be serious implications if you violate them.
Do your homework and understand your rights and your tenant's rights. Per the National Fair Housing Alliance, there are over 4 million housing violations a year. Don't become part of this statistic.
Being a first time landlord has its perks. Make sure you keep those perks in a good place by screening your tenants, checking their credit, and knowing Fair Housing Laws.
- Renttropolis Team