“8 Top Landlord Leasing Tips To Remember” written by Mike Marko
Are you looking to become a more effective property manager?
Being a property manager involves a lot of elements (moving parts) and it isn’t easy at the time. You have to deal with property issues, and worse, bad tenants.
That’s why it’s important to keep honing your rental property management skills.
That’s why today I’m going to go over the top 8 landlord leasing tips to help you better manage your rental properties.
Important Landlord Leasing Tips
As a property manager and/or landlord doing your job as efficiently as possible will help in making the tenants you rent to happier and less inclined to complain about the way you are running the rental they are renting. In becoming the best landlord possible we have compiled 8 landlord leasing tips that will help you elevate your work and become the best property manager possible.
Each of the tips I will be sharing with you is important and can be very useful for you doing your job better and more efficiently.
So let’s start with the first tip that you’ll need to improve on to become the best property manager possible…
1. Screen Applying Tenants
Developing a complete tenant screening process is key to helping you find the best tenants to rent your properties in the most efficient ways. When you are a landlord renting out a property, the first thing you need to do when applicants start coming in is to screen them. This does not mean a simple screening like checking out if they will pass based on what they wear and how much they got. Instead of developing a thorough screening of applicants that check criminal, credit, employment, and past tenancy is important.
A thorough screening process will allow you to fully understand an applicant’s identity and help you through the entire rental process by understanding how you should communicate with them. You’ll also get to know the applicant’s history when it comes to previous addresses and landlords as well as finding out the applicant’s financial capacity to pay rents on time.
All these can’t be measured or checked just by simply looking or talking to your applicant. Screening applicants thoroughly with the help of tenant screening agencies can aid you in separating eligible tenants to non-eligible ones.
2. Write A Rental Agreement
Before renting any property you should have a well designed and through a rental contract that details responsibilities and terms to run the rental. A written rental agreement is a legal document that serves as an instrument to the court when a dispute can not be resolved. The rental contract also serves as a reminder of responsibilities and details for both parties when issues arise while renting the property. Information such as how and when do you handle tenant complaints, repair problems, the amount of rent, and what will happen when there are late payments are all important. A notice for entering a tenant’s apartment and any other specific terms must be in a written agreement.
Rental or lease agreements in written form help in detailing all the necessary information needed when it comes to your relationship with the tenant. It will help inform tenants the dos and don’ts on your property.
3. Include A Security Deposit
A security deposit is a key to helping you protect the property from undue or unreasonable damage from the renter or tenant. It’s always better to include a security deposit to your rental agreement. A fair system of collecting and returning security deposits must also be practiced. Thoroughly inspect and document the condition of the rental unit before the tenant moves in. This is to avoid disputes over security deposits especially when the tenant is moving out.
Having a security deposit can also help in solving financial issues when the tenant decides to break lease earlier. It can also cover repairs and maintenance when a tenant intentionally damaged the property or damage repairs are needed when the tenant vacates the property. You should always detail uses of the security deposit according to terms of the contract when returning or not return the full amount of the security deposit to the tenant after the rental is completed…
4. Make The Necessary Repairs And Maintenance
Providing a habitable home for you renters or tenants is very important and will help your property management business go to the next level of success. It is important to assure that your property is in its best condition both prior to and during the rental. Routinely check parts of your property that need maintenance and repairs to avoid property losing value or being damaged unnecessarily.
To become efficient and reliable for tenants in completing repairs easily and quickly it is important to find or establish a contact for agencies who do repairs. Making sure that any repairs and maintenance done on the property is properly taken care of quickly and efficiently will help in improving your relationship with property tenants. If needed, make sure that you always have a scheduled check-up for repairs needed to the property and then hire agencies to complete the repairs when needed. This helps in assuring your renters and tenants are in a place that they can definitely consider as their home.
5. Provide A Secure And Non-Hazardous Environment
When becoming the best landlord possible you need to make sure your properties are safe and not needing repairs that could hurt tenants renting. It is important to never allow your tenants to feel unsafe in your property. Always make sure that they feel safe and they are not in a place that can be an easy mark for criminals. Having proper lighting, installed CCTV cameras, and a well-trimmed landscaping is some of the best things you can do to make sure your property is secured.
Avoid any environmental toxins in your property that can harm your tenant’s health. If you determine that your property has to remove hazards like lead-based paint, mold, or asbestos on the property, you need to be able to move them out temporarily to a hotel while you remove the hazards. Tenants might hold you responsible if hazards like these cause any health problems. Make sure to do the necessary actions needed to keep your property free from environmental toxins and criminals.
6. Give Notice Before Entering
In bettering your relationship with tenants you should always be able to contact them and easily schedule maintenance and repairs. When doing these types of tasks you need to be able to enter the apartment and the procedures you need to follow need to be detailed in the rental contract. Although you are the landlord, the moment you allowed a tenant to stay on your property it’s important to consider and respect their privacy. Not everyone enjoys being disturbed in their personal and private time. Entering their rental units may be unavoidable due to various reasons like repair or maintenance. Still, it’s your responsibility to provide a notice to your tenant before entering their unit.
May it be for repairs or showing how a unit looks to a prospective tenant, it’s best to notify your tenants when you are planning to enter their unit. Provide the notice at least a day before entering their rental unit.
7. Oversee Your Employees
If you are attempting to be the best property manager you’ll have employees, like handymen, etc, because you can’t do it all yourself effectively. If employees are needed for your property, it’s wise to do a thorough background check for every employee or contractor you plan to accept. Check whether the applicant is capable for the job you are looking for. You may be held responsible or employees who commit a crime or is incompetent. This might even end up hurting your business financially.
Choose the right applicants and train them properly. Once they start working, supervise these employees to make sure they are doing their job properly.
8. Resolve Any Disputes
The last landlord leasing tip in being the best property manager you need to take care of your tenants. Be a compassionate landlord who genuinely welcomes new tenants as they move in. Make them know that you are always on call if they have any problems.
If any disputes arise, meet with the tenant to see if the problem can be resolved informally. You can also consider a mediator like a neutral third party. Mediators are often available at little or no cost from a publicly funded program.
But if the dispute involves money and agreements fail, try small claims court. Often you can represent yourself (though not always the case if you are incorporated). Small claims courts can help you with collecting unpaid rent (but “you can’t extract blood from a stone”, so to speak). Small claims court can also help you seek compensation for property damage after a tenant moves out and the security deposit is already exhausted.
Final Thoughts On 8 Important Landlord Leasing Tips
Being a property manager can be challenging. At times you’ll face challenges from both your property and tenants. Having these 8 important landlord leasing tips applied in practice can help you run your property management business more effectively.
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