5 Steps to Becoming a Landlord

Becoming a landlord is a process of trial and error. Although you’re bound to make some mistakes, establishing a method for screening tenants, organizing home labor services, and receiving monthly payments is critical to get right. Without an effective system in place, it will be challenging to keep track of all your responsibilities.

To help you manage these essentials and achieve stellar landlord status, here are five steps.

1. Conduct Background Checks

Ensuring that your renters are financially capable of renting your property is important to avoid delays in payments, or even worse, the subsequent refusal to move out if things don’t shape up.

Typically, tenants are only responsible for paying their bills and respecting the property while they reside there. Whenever you are considering anyone as a potential tenant, you want to have the best credit check for landlords ready. You can avoid the hassle of disagreements entirely by using the proper screening tools to see the financial history of potential tenants before they sign any contracts.

2. Gather Your Team

To be a good landlord, you’ll need a crew you can utilize on-call whenever something needs to be addressed at one of your units or properties. From a leaky sink to a pipe issue, there are specific experts you’ll want by your side to hire in an emergency.

Any property malfunctions, including pest control, are to be handled by the landlord and those associated with them. Make sure that you gather your team of professionals beforehand to address these issues head-on.

3. Clean Your Units

Tenants want to believe as much as possible that the spaces they rent feel like home. Before the move-in date, you’ll want to hire a cleaning crew to dust and sanitize the units until they’re sparkling. If your tenants are moving in around the holidays, add a little festive energy to the space with a door decoration.

No one wants to move into a dirty, uninviting place. You’ll have a better rapport with your tenants if you put in the effort to make the place feel like home. The more you work to accommodate your tenants’ needs, the longer they’ll likely stay at your property.

4. Inspect Basic Living Essentials

Before tenants move in, you need to take care of the basics needed for daily living. Ensure that all the appliances work and are on, including the stove, the refrigerator, and so on. Next, make sure that there is no water damage and that the water pressure and temperature are good.

However it is that you plan on handling utilities, make sure that everyone is on the same page. If tenants are responsible for gas and electricity, let them know which company you work through. Also, have your tenants schedule a time to get their WiFi and cable set up. You may want to be there for the appointment to make sure it all goes smoothly.

5. Advertise Your Property

To appeal to the right renters, you’ll want to advertise your property strategically. Depending on the kind of renters you are looking for, different websites may be more helpful than others.

If you need renters who live alone and are quiet, check out the ‘rooms wanted’ section on ad placement websites. You can also use listing sites to post your property and what you’re looking for in an ideal renter.

The Bottom Line

Becoming a landlord is about advertising well, finding the right tenants, and doing all you can to make sure your tenants are happy. Outline individual responsibilities in your lease agreements so that you and your tenants are clear about each other’s expectations.