If you’re considering becoming a landlord or already own a property, there are some important things you can do to set yourself up for success. Understanding legal requirements and recognizing the financial impact of your decisions are just a few things to keep in mind when it comes to this new venture. To assist you, we’ve compiled some valuable tips to guide you in your role as a landlord.
Know the laws
As a landlord, it’s essential to be familiar with the laws that govern renting out properties in your area. These laws vary from state to state and even from city to city. Some common laws include tenant rights, eviction procedures, fair housing laws, and building codes. It’s crucial to understand these laws to ensure that you’re not breaking any rules and that you’re treating your tenants fairly.
Screen tenants carefully
Choosing the right tenants can help create a positive experience as a landlord. Before renting to anyone, check their credit history, criminal background, employment status, and request references from previous landlords. By selecting responsible and trustworthy tenants, future problems can be avoided.
Maintain your property
Not only will you protect your investment, but proper maintenance will help you attract and retain tenants. This involves keeping it clean, making necessary repairs promptly, and keeping up with routine maintenance tasks such as landscaping and pest control. By doing so, you’ll keep your tenants happy, reduce turnover, and preserve the value of your property.
Clear communication is essential in any landlord-tenant relationship. A helpful tip is to put everything in writing, even if discussed over the phone or in person. Follow up with a summary email of agreed-upon items. Ensure tenants know how to reach you and be responsive when they do. Keep them informed about property-related changes or issues and be open to feedback. Good communication builds trust and fosters positive relationships with tenants.
Keep accurate records
If managing your property is challenging because of time or expertise, hiring a property manager can be a wise decision. They can take care of tenant screening, rent collection, and maintenance, giving you more time to focus on other aspects of your life. However, if you prefer to manage your property yourself, give serious consideration to hiring a real estate agent or screening company for tenant screening.
Consider hiring a property manager
Hiring a landscaper can seem overwhelming, but following these five tips can help simplify the process. Just remember to do your research, communicate clearly, ask for references, get a written estimate, and keep the lines of communication open. With these steps, you’ll be on your way to creating your dream outdoor space in no time!
Being a good landlord takes effort and dedication, but the rewards are worth it. Especially the financial rewards including tax benefits, an additional stream of passive income, and the generational wealth you create through your real estate investments. We hope that with the tips we’ve shared that you can create a positive and successful rental experience for both you and your tenants. Good luck on your real estate investment journey!
Curious and want to learn more?
MCM Real Estate Services has been in the investing and rental business for over 35 years when Steve DeLeon, our president and founder, purchased his first rental property. Since then, he’s been opening doors and sharing his knowledge of real estate investing through MCM University.
MCM University offers an introductory real estate investing course that deep dives into the two most popular real estate investing avenues: Flipping and Buy & Hold. The course covers how to identify a good investment property, various types of investor financing, and how to “run the numbers”.
Ready to get started investing? Register for our introductory course today!