As a new landlord, I am interested in providing a home for tenants and earn money in the process. My property can be a lucrative investment if I correctly manage the property and handle my responsibilities as a landlord. Here’s a simple guide to being an excellent landlord.
Tenants are looking for a well-maintained property they can call home. Prior to a tenant moving into my property, I need to perform multiple maintenance checks to ensure the home meets specific standards, such as proper electric wiring and plumbing. Once tenants move in, I need to perform scheduled maintenance checks to ensure the home remains in appropriate functioning order. Local laws will dictate a lot of my obligations as a landlord, including:
- Disclosing all home history, including hazards, such as lead paid, asbestos, and pests
- Maintaining the structural elements of the home, so it remains safe
- Supplying one or multiple trash receptacles
- Maintaining the common grounds
- Maintaining plumbing, electrical, heating, ventilation, and other essential household equipment
Ensuring tenants maintain a quiet living environment is essential, especially if I’m the landlord of an apartment complex. As a landlord, it’s my responsibility to make sure my tenants aren’t disturbing other residents, whether it’s other tenants in an apartment complex or neighbors in other homes in the neighborhood.
My potential tenants need to be screened by performing a background check and credit check. This information can be disclosed on the rental application. When I’m screening my tenants, I make sure I check for felonies for violent acts and other undesirable charges.
Prior to allowing tenants to move into my property, I check the locks to ensure they are secure and functional. I also check the locks on the windows to make sure they work as they should.
All common areas of the property should be well-lit and free of debris. I Make sure the emergency exits remain unblocked at all times, and each exit is clearly marked.
My property should have proper safety equipment, including smoke and carbon monoxide detectors. If my property features a pool, I make sure rescue equipment is nearby and visible, such as life jackets, rope, and similar items.
When my tenant contacts me for maintenance or repairs, I respond to their request as soon as possible, and sooner if the request is urgent. Urgent maintenance and repair requests can include:
- Security concerns
- Pest infestation
- Heating and air conditioning
- Indoor plumbing
If I can’t get to my property promptly, I will hire a professional to handle the situation.
I create a regular schedule to inspect my home for damage and other wear and tear instances that I might need to address. Naturally, my property will experience some form of wear and tear while tenants occupy the home, especially if they have children. The best method of avoiding current and future major repairs and renovations is to inspect the home regularly. Applying a new coat of paint or repairing holes in the wall are simple repairs that can quickly be addressed. Taking care of the issues as they occur prevents expensive repairs and extensive damage to the property.
Being an excellent landlord is a great way to provide people a home to live in, but it’s not a get rich quick scheme. As a landlord, there are different laws provided by the state, city, and sometimes neighborhood that I have to follow. Earning a reputation as a great landlord helps me get more tenants, which is great since I plan on renting more properties. The key to being a successful appreciated landlord is to provide and maintain a healthy and properly maintained living space for my tenants.