Being a landlord is a complicated process, and it takes a lot of effort to find a system for finding renters and organizing maintenance plans. With so many people looking for places to stay online, getting in touch with people and meeting them face to face is even more difficult. To help you make the best choices for your rental properties and protect yourself as a landlord, here are five key ways to protect yourself in the modern world of renting.
1. Use Screening Checks
Being a landlord is about protecting your properties while still meeting renter needs as they come about. You want to know exactly who you are dealing with before settling on any potential renters so that you can balance your priorities with renter needs.
For any renters you are considering, it is vital to conduct tenant credit checks to ensure that your potential renters are financially capable of renting your property. The last thing you need is squatters taking up your time and money.
2. Have Regular Maintenance Checks
To ensure that you are up to standards with all safety codes and guidelines for your area’s property type, have monthly maintenance checks where an electrician, plumber, termite control, and any other critical plays stop by your property.
You certainly don’t want your tenants to claim you’ve failed to provide primary living conditions. You also don’t want to get into trouble with inspectors. Landlords have to meet safety requirements to rent to tenants and be sure to brush up on these requirements before welcoming any renters.
3. Work Out Deals
Sometimes, the easiest way to build rapport with renters is to offer them mutually beneficial deals. For example, if you know that a handyman needs a cheap place to stay, you can offer them a discounted rate for their handyman services.
You might ask them to paint a few walls or fix up other elements of your apartments for a discounted rate. You can build a working relationship that may save you money – protecting yourself as a landlord means securing working relationships you can trust so that your tasks for property ownership are met consistently.
4. Have Renters Pay Online
It is essential to have a paper trail to prove whether a renter has paid their rent each month. There are now many online systems that allow renters to have their tenants submit pay each month.
Your renters may also be able to report their rental contributions to credit bureaus, which can help them build their credit. It’s a win-win for everyone. By getting involved with one of these digital systems, you can avoid forgetting whether rent was paid in person or not.
5. Find A Landscaper
Part of protecting yourself as a landlord is ensuring that you have the income needed to own your property. To attract renters, you need to have curb appeal. A great way to accomplish this is to hire a landscaper who can maintain your lawn and gardens to keep your property looking neat, clean, and eye-catching.
The more you maintain the look of your place, the more likely you’ll be able to attract renters. The more interested renters you gather, the greater your financial security. To protect yourself as a landlord, take care of the outside and inside of your properties.
The Bottom Line
Protecting yourself as a landlord is about taking all the necessary measures to ensure the security of your property and livelihood. Take your time finding the right renters and follow the above five considerations as you work to protect yourself as a landlord.
