Tag Archives: property management

Landlord’s Guide To Renting A House

16 May

To be a successful landlord, you need to have a good property manager. If you don’t want to hire a property manager or management company and pay the associated fees and charges, then you need to do these chores yourself. Here is a step by step listing of the things to do when you want to rent your property.

1. Be certain that the house is clean and in good repair.

A property that is in good repair will attract the best good renters. Additionally, if it is free of needed fixes, there is one less point to be considered for negotiation. Make sure the house is secured with re-keyed locks.

2. Set the deposit and lease payment.

Evaluate what the market rate for your property’s area, and establish the amount you are profitable with. Require a security deposit that is more than one month’s rent. Make certain you understand your state’s tenant and landlord laws to keep in compliance.

3. Let the neighbors know.

Introducing yourself to the neighbors will assist in keeping the best renters. If a prospective renter knows the house is being observed by neighbors who are friendly with the landlord, they are less likely to take advantage of the property. Additionally, neighbors may have a friend or family member looking for a nice place to rent.

4. Place ads in the local paper.

Since classified ads are costly, be sure to use these key items: price, size, and contact information. Naturally, you can use the internet to place ads, but many renters who may be looking, may not have internet access.

5. For Rent sign on the property.

A professional looking sign with For Rent and your contact number should be used. An information page can be included, and it may lessen a lot of “just shoppers”.

6. Have the lawn maintained.

While the property is vacant, make sure the property is well maintained, the lawn mowed, no over flowing mail box or stacks of advertising flyers.

7. Answer your phone.

Today it is quite easy to get a ‘dedicated’ cell phone just for your rentals. When you have a property or properties vacant, be sure to be available by phone or have a recorded message about the property when you can’t answer.

8. Showing the rental.

When a prospective renter calls to see the property, provide them the address and have them visit the house. Suggest to them to look in the windows just to make sure the previous tenants have gone. If they still want the house, have them meet with you to complete the application and take a holding deposit of $100 that is fully refundable if the property is not rented to them.

9. Obtain a background check.

Verify employment and income, call past landlords. Validate the data on the application.

10. Do a tenant interview.

Use your common sense in talking with the prospective tenant. Ask the kids questions too. You are preparing to let a family take over one of your very valuable possessions. You will have to be certain they will take care of it. Don’t hold out for the perfect tenant, but don’t be in such a hurry to rent that you let your standards drop.

11. Get cash for the deposit or a cashier’s check made payable to you.

This is a point that a lot of tenants will start to negotiate. You can’t evict for a late deposit, so always collect the full amount of deposit up front. Also, make sure you know your local laws regarding how the deposit is to be held.

12. Give the lease agreement, inspection sheet and new keys to the renter after all monies have been paid.

Don’t allow them to move in until all payments are settled. Require the inspection sheet to be returned within 3 days or the property will be considered by them to be in good condition, no maintenance needed. If problems are reported by the tenant in writing, make sure they are quickly addressed.

Now that you have your good tenant established, use a system to remind you of the lease amount and due dates. Also, use the system to inform you of the lease agreement’s expiration date. Keeping these 12 steps should assist you in your property management performance.

 

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