Knowing how to be a good landlord is essential to the success of your investment property. You won’t be able to earn a consistent rental income and preserve the condition of your asset if you aren’t attentive to your tenants, your property, and the laws and requirements that need to be followed.
Property Condition and Maintenance
A good landlord will provide a safe and habitable home for tenants. It’s important to stay on top of repairs and maintenance, not just because your tenants will be satisfied, but also because it matters to the value of your asset. Make sure your property is in excellent condition before you even start marketing and advertising for tenants. Everything should work, be clean, and look inviting. While you have a tenant in place, respond to any maintenance requests promptly and thoroughly. Be available in case there are emergencies, and make sure you maintain a list of reliable vendors who can take care of problems and help you inspect and sustain your property’s most expensive systems.
Tenant Screening and Management
It’s difficult to be a good landlord when you have a bad tenant living in your property. Placing a well-qualified tenant who pays rent on time, takes care of the home, and follows the terms of the lease, is critical in being successful as a landlord. You need to take the time to market the property to prospective tenants, pre-qualify them with a few important questions before you show them the home, and then process the applications completely and consistently. Once your tenant is in place, you’ll need to be responsive and accessible in case there are problems or questions. A good landlord will review the lease thoroughly with a tenant before signing it and handing over the keys.
Laws and Liability
There are a number of federal, state, and local laws that landlords need to be aware of. If you aren’t familiar with the fair housing laws, the state regulations concerning security deposits, or the requirements of your property’s HOA, you could find yourself in legal trouble. Educate yourself on what’s required so you can protect yourself from liability and potential lawsuits.
A good landlord knows that professional property management can be invaluable. Property managers handle all of the maintenance, tenant relations, screening, and legal protection for you. If you’d like to hear more about Palm Coast property management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
