Being a landlord is no easy task; it entails a great deal of labor, responsibility and capital. If you are just starting out as a landlord, you might not know exactly what to do. Here are three tips to help you excel as a beginner landlord.
1. Hire a Property Manager
One action that may benefit you greatly as a landlord is hiring a property manager. Property managers like Taylor Equities, started by Steven Taylor Taylor Equities, make your job as a landlord easier. Experts in tenant laws, they take care of duties like eviction, maintenance and client interaction so you don’t have to. Property managers help you save time and avoid legal hassle. Hiring a property manager may also be beneficial for mental health: Having a property manager to handle duties you can’t or don’t want to deal with can considerably reduce stress and anxiety by reducing your workload.
2. Screen Your Tenants
Another tip for beginner landlords is to always screen your tenants. You don’t want an undesirable tenant. You want a tenant who will follow the rules and pay their rent on time. You should always have a screening process in place that includes a tenant application, a background check, an interview and a credit check. Doing so will help you weed out tenants that might cause trouble or be a bad fit for your rental property.
3. Create a Written Contract
The third piece of advice is to create a written contract and have your tenant sign it. This contract should be written or at least reviewed by a qualified lawyer to ensure it abides by all proper laws and regulations. Having a written contract is more binding than an oral agreement, and it will protect you if you are obliged to start legal proceedings or are sued.
Landlords have more to do and consider than simply collecting rent. In order to make a good start as a beginner landlord, consider following these tips.
