Landlords, like tenants, come in all shapes and sizes. Some are private individuals who own a rental property for their family’s use. Others might be specialist investors looking to make money from rented accommodation by buying properties where the rent they receive exceeds their mortgage payments.
In some cases, landlords may also be public sector organizations or charities operating as social landlords with a responsibility to provide affordable housing for those on low incomes through renting out homes which they have purchased or built themselves.
Whatever your situation is as a landlord, there are certain things to take into account, and some advice you should know. Read this article to get some helpful advice!
There Is A Management Software That Can Help You
Did you know that there is online software available to help you manage your property? It can even be used from a smart device. If you have a smartphone then you can receive easy tasks that will help maintain the condition of your rental properties and also send a notification to your tenants when something needs to get fixed.
You should install rental property management software on all of your devices. This software will help you keep track of your investment and make sure you do not drop the ball when it comes to managing your property.
Repairs Are Your Responsibility
Repairs are something you need to take seriously as a landlord. Whether it’s a leaky tap or a broken boiler, you must keep the property in good working order and schedule any necessary repairs as soon as possible.
Remember that landlords can be held responsible for damages caused by neglecting their duties of care and if your tenants complain about something, then it is your responsibility to sort it out.
Also, you should know that it would be best to fix everything before the tenants move in, so you do not have to perform any work during the tenancy.
Don’t Forget About Contract
When renting a property, there should always be a contract included. Having one will protect both the tenant and the landlord, especially if something were to go wrong. That being said, you should have a clause in your contract that allows you to enter the home without providing any notice.
If anything is damaged or broken while they are living there, or even after they move out, then you will be able to see it right away. That will make it easier to take care of. Also, if you don’t want them using a specific room or something else, then be sure to include that in your contract!
Be Careful With Your Tenant Screening Process
One thing that could benefit landlords would be screening tenants carefully before allowing them to rent their property. This can be a big help when choosing what tenant is best-fit for the home. For example, you might need to check their credit score and employment history, just to make sure they’re likely to pay you on time every month.
Also, your future tenant should be a person who’s respectful of other people and their property. When they move out, you don’t want to have to deal with anything lying around or causing damage.
Keep Good Tenants With Incentives
When you find someone who is a good tenant, you’ll want to hold onto them. That being said, you could entice your renters with certain incentives for behaving well and staying long-term. For example, offering no rent for one month of the year would be a great way to reward them for staying with you.
Also, you should be friendly and open-minded with your tenants so they feel comfortable talking to you if something goes wrong.
Consider Adding a Pet Policy
Many landlords are not open to the idea of having pets in their properties, but if you like animals then you should consider making one small exception. Some rules might need to be put in place though, for example, pets might not be allowed to stay in the bedrooms.
This is because you want to ensure that the carpets are clean and that there won’t be any accidents inside of the home. There should also be a clause included that the tenant is not allowed to let pets cause damage to anything, including your property and furniture!
If you are a landlord renting property, there is much to consider in order to be successful. Rental property management software can help make your job easier by providing easy tasks for maintenance and notifications when something needs fixing.
With a careful tenant screening process, good incentives for renters who behave well, and considering adding a pet policy (if that’s what you like), then you should have no problem keeping the home clean while also making sure nothing gets damaged!
