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Essential Tips for Being a Good Landlord

New Tenants Shaking Hands with Sandy Property ManagerAnyone can be a landlord. However, it takes effort and proficiency to be a good landlord. Whether you are a first-time rental property owner or have been a Sandy landlord for a moment, this is the right moment to initiate creating the habits that set good landlords apart from the rest. Here are several top tips that will help you advance your skills and professionalism.

Treat Your Rental Property Like a Business

People grow and become landlords in quite different ways. Doesn’t matter how you become a landlord, it’s imperative to treat your rental management as a business. Exactly like any business, being a good landlord will call for an investment of both time and money. It’s integral to protect your valuable asset – your rental property – by ensuring that it is really safe and in good repair. This states taking care of maintenance and repairs before they develop into serious problems. It also means interacting with your tenants like a professional and grasping well and following all state, federal, and local landlord-tenant laws.

Set an Accurate Rental Rate

Another focal part of being a good landlord is grasping how to set accurate rental rates. Mainly, you’ll have to research and learn about the local rental market. While you may have a suitable rental rate in mind, it’s very important to assimilate what other similar rentals are charging in your town and neighborhood and follow their example. It’s relevant to stay on top of market changes and renew your rental market assessment at least once a year.

Know Your Renter Demographics (and where to find them)

Good landlords find out who their “ideal” tenant is – and not just one who pays their rent on time (although that is important). This is particularly true for owners of single-family rental homes considering the type of rental and the location will commonly attract the kind of tenant who wishes to live there. When you are aware of who your renter demographic is, conform your advertising so that it will reach them. For a lot of young or mid-career renter groups, this suggests marketing your rental online and offering quality photos, virtual tours, and online applications.

Invest in Tenant Screening

Your tenant screening process is one of the vital parts of being a good landlord. You should call for all potential tenants to give you a written application. Thoroughly check all of the information they submit by running credit and background checks, calling previous landlords and references, and simply doing a Google search on their name and location. Plenty of landlords even check social media to get a sense of who the applicant is. It takes effort, but a really good screening process can help you find a good tenant more confidently.

Create and Use a Custom Lease Agreement

Exactly like your screening process, your lease documents should also be something you spend time preparing. A lease is a binding legal contract, and the last thing any landlord needs is to find out too late that your lease documents have loopholes or vulnerabilities that your tenant can exploit, most often to your detriment. Take the time and effort to prepare comprehensive, customized lease documents that include all the essential lease clauses. It’s, on top of that, salient to have an attorney check your documents to secure that they comply with all state and federal laws. Should a dispute happen, lease terms that violate a tenant’s rights will be unenforceable in court.

Keep Records of Everything

Another thing that all good landlords do is keep records of everything they do related to the property. For instance, it’s pivotal to be aware of all financial transactions, including any money you spend on maintenance and repairs. Specifically, determine to document your property’s condition both before a tenant moves in and after they move out. Photos are the best solution to have an eye for wear and tear or repair issues. One final matter, keep a record of every conversation with your tenants, whether verbal or written. Offer your tenant processes and ways to contact you (email, for example) to help you document each exchange. Keeping up to date with your interactions with your tenant can be very effective in the event of a dispute.

Consider Hiring a Property Manager

As seen above, it takes time and effort to be a good landlord. But if you don’t have much time to spare, you can still be a good property owner by hiring a property manager to handle everything for you. At Real Property Management Wasatch, we bestow quality Sandy property management services that include expense tracking, convenient online rental payments, tenant screening, quality lease documents, and much more! Contact us online today to learn more.

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