5 Tips for First Time Landlords
Category Advice
Before you leap into becoming a landlord - you should know what you're jumping into. The role can be challenging, and as a first-timer, guidance is essential.
Here are 10 must-knows for the beginner landlord:
1. Spend time researching
Don't make the mistake of taking on the responsibility before you've done thorough research. You need to understand the property market before you make any decisions about what to be charging for your rental, as well as what admin you need to have in order before taking any tenants on. You also need to have clear expectations of what your duties as a landlord are going to be, so you're not surprised by any additional responsibilities and expenses later.
2. Screen potential tenants
Don't rush the process of finding the right tenants. Having strangers living in your property is no joke, and the last thing you want is to end up stuck with people who aren't taking care of your space. Take time to screen potential tenants so you can filter out those who don't match your requirements, and rather find people who will pay their rent on time, practise healthy habits in the space, and treat your property like it's their own. Note that listing your rental property online will give you more tenant options.
3. Take before photos
This is a necessary step to assure the protection of your property. Before your tenants move in, take pictures of the condition of your property, with pictures of any furniture and personal assets that are included in the rental. In the case of damage done to your property during the occupation period - and if stated in your contract - the tenants will be held liable for any restoration costs that need to be taken off their deposit.
4. Put it in writing
The safest way to ensure there is no miscommunication or misunderstanding between you and your tenants is to put all the terms of occupation on paper - this protects you from any future legal disputes with your tenants. Think about things like:
- including renters-insurance in your agreement;
- whether your property is pet-friendly;
- the length of the term of the rental agreement;
- and how much the security deposit needs to be.
5. Consider bringing in a property manager
Hiring a property manager is worthwhile if you aren't confident that you will be able to effectively take on the responsibilities of a landlord. The job of a property manager can range from taking care of property maintenance, document management, reporting performance of commercial property, ensuring rent is collected to handling any other tenant issues that may arise.
If you aren't fully ready to be a hands-on landlord, but still want to get tenants in your property, let us help you get where you want to be: https://www.saproperty.com/contact/
Author: SAproperty.com
