Whether you have been a landlord for many years or are just starting out, you know that your rental property has the potential to be a great secondary source of income. With that in mind, there are some things that you want to be careful to avoid, which is why we’ll share our top five tips for landlords in today’s post.
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1. Screen Tenants
While it would be nice if everyone who applied for your rental unit was a quality renter, the truth can be somewhat frustrating. In order to avoid tenants who might skip out on their contract, not pay their rent, or cause extensive damage to your property, it’s important to follow a tenant screening process. Whether you choose to do this yourself or hire a company that provides screening services, you’ll be able to identify any potential red flags before handing over a contract for rent.
2. Set the Right Rental Price
You want to make money from your rental unit, but if you set a price that is too high, your place may stay vacant for many months while you wait for tenants to show interest. If you set your price too low, then you’ll be struggling to make ends meet on the rental property, especially if major repairs need to be made. In order to determine the right price, look at other comparable rental properties in the area to see what they are listed at. By setting your rent price within this range, you’ll be able to attract renters and make a profit.
3. Make Necessary Repairs
No one wants to live in a place where there are major repairs that are required and left unattended. From replacing appliances to installing new wiring, there are a number of items that you need to stay on top of so that your rental is in good shape. Additionally, by promptly making repairs when requested, you’ll enjoy the benefits of happy tenants. Failure to make prompt repairs could result in tenants who are legally entitled to withhold rent.
4. Provide Notice Before Entering Unit
By law, you are required to provide notice at least 24 hours in advance, or the minimum required by state law before you plan to enter your rental unit. Your tenants have a right to privacy, so make sure that you follow the law whenever you need to check out the unit. Failure to follow the law could create a number of legal problems for you.
5. Require Renter’s Insurance
Even if you do everything that is required of you as a landlord, things could still happen that cause damage to your renter’s belongings. In order to avoid a potential lawsuit, be sure to require all tenants to show proof of valid renter’s insurance before handing over the keys. This way, if their belongings are damaged, they will have legal means to recoup the damage, and you will be less likely to bear the financial burden.
At Minnix Property Management in West Texas, we can provide the property management services you need, including rent collection, repair requests, and more. Contact us today to learn more about our services.