When you own a rental property, you become a landlord. And, like any good business owner, you want to get the most out of your investment. To do that, you need to find good tenants who will pay their rent on time and take care of your property. You also need to make sure that you’re complying with all the laws and regulations that govern landlords and tenants.
All of this can be a lot to keep track of, which is why we’ve created this guide. In it, we’ll cover all the basics of being a landlord, from finding tenants and screening them to collecting rent and dealing with repairs. We’ll also touch on some of the more advanced topics, like handling problem tenants and evicting them.
So, whether you’re a first-time landlord or a seasoned pro, this guide will help you find and keep great tenants, and keep your rental property in tip-top shape.
The role of a landlord
As a landlord, you are responsible for the upkeep and maintenance of your rental property. This includes making sure that the property is safe and habitable for your tenants, and that it meets all local building codes and ordinances.
You are also responsible for collecting rent from your tenants and maintaining records of all transactions. Additionally, you will need to handle any repairs or maintenance issues that come up. And, if there are any problems with your tenants, it will be up to you to resolve them.
Of course, you don’t have to do all of this yourself. You can hire a property manager to take care of some or all of the tasks associated with being a landlord. But, even if you do hire a property manager, you will still need to be involved in the day-to-day operations of your rental property.
Finding tenants
The first step in being a landlord is finding tenants. There are a number of ways to do this, including advertising your rental property online or in print, using a rental listing service, or working with a real estate agent.
Once you’ve found a few potential tenants, the next step is screening them. This is important because you want to make sure that you’re renting to responsible, trustworthy tenants who will take care of your property.
To screen your tenants, you’ll need to collect some basic information from them, such as their name, address, and contact information. You’ll also want to run a credit check and a background check. These checks will help you to determine if the tenant is likely to pay their rent on time and to identify any red flags that may indicate that they’re not a good fit for your property.
Once you’ve screened your tenants and chosen the best candidate, you’ll need to sign a lease with them. This is a legally binding document that outlines the terms of the rental agreement, such as the rental price, the length of the lease, and the responsibilities of both the landlord and the tenant.
Collecting rent
Once you’ve found a tenant and signed a lease with them, it’s time to start collecting rent. You’ll need to decide how you want to collect rent, and then communicate that to your tenant.
Most landlords prefer to collect rent electronically, through a service like PayPal or Venmo. This is because it’s easy to set up and it allows you to automatically withdraw rent from the tenant’s account on the first of every month.
If you prefer, you can also collect rent by check or money order. But, if you do this, you’ll need to make sure that you have a system in place for tracking rent payments and following up with tenants who are late on their rent.
Dealing with repairs
As a landlord, you are responsible for maintaining the property in a safe and habitable condition. This means that you’ll need to deal with any repairs or maintenance issues that come up.
Of course, you don’t have to do all the repairs yourself. You can hire a handyman or a contractor to do some or all of the work for you. But, even if you do hire someone to help with repairs, you’ll still need to be involved in the process and make sure that the work is being done properly.
In some cases, repairs will be minor and can be handled quickly and easily. But, in other cases, repairs can be more complex and time-consuming. And, in some cases, repairs may even require that the tenant move out of the unit while the work is being done.
If you have a repair that requires the tenant to move out, you’ll need to provide them with alternative accommodations. This could be a hotel room, an apartment in another building, or even a friend’s or family member’s house.
Dealing with problem tenants
No matter how carefully you screen your tenants, there’s always a chance that you’ll end up with a problem tenant. If this happens, it’s important to deal with the problem quickly and effectively.
There are a few different ways to deal with problem tenants. The first is to try to work things out with the tenant. This may involve having a conversation about the problem, sending a warning letter, or increasing the rent.
If working things out with the tenant doesn’t work, your next step is to evict them. This is a legal process, and it can be complicated, so it’s important to make sure that you’re doing it correctly. You’ll need to serve the tenant with an eviction notice, and then go through the legal process of evicting them.
Conclusion
Being a landlord can be a lot of work, but it can also be a rewarding experience. By following the tips in this guide, you can find and keep great tenants, and keep your rental property in top shape. Call the office on 01752 896 813
