(STL.News) There are many benefits to being a landlord. Of course, the biggest reason why people decide to rent out a property is that they want to make some extra money, but people also often love the idea of being able to offer someone someplace to live and helping them in that way.
That being said, there are also many downsides to being a landlord, which is why you need to make sure it’s the right decision. If you want to learn more about what to do if you’re renting out property and being a landlord for the first time, keep reading.
Use professional services
You may want to save some money and try to figure everything out on your own, but that’s not advisable, especially if it’s your first time.
Remember that renting out a property has many legal aspects to it, so you need to be sure that everything is done correctly. The best way to do this is to use professional services every step of the way. Have a lawyer set up the contract to make sure it’s legal, and have a look at companies that can help you with your property management, such as DelRentals.
If you find someone who is interested in renting the property, you may be so excited that you will immediately want to sign a contract with them. However, you should keep in mind that it’s your property they will be living in, so you will need to get someone trustworthy.
This is why you will need to vet any possible tenants before you agree to sign a lease. The best ways of doing this include getting references from previous places that they have rented or to get a credit report to make sure that they are financially responsible.
Keep the place in good condition
Before you rent out the property and officially become a landlord, it’s a good idea to make sure that the property is in decent condition. If you want to rent it out at a higher price, you may even want to look into some budget-friendly home improvement ideas. You will also be the one responsible for any issues that occur with the property such as faulty cables or leaking roofs, provided that they weren’t due to the tenant’s negligence.
It’s a good idea to take photos of the property before a tenant moves in so that you can see whether any problems occurred before or after they moved in.
Communication is important in any relationship, whether it is a professional relationship between you as a manager and your employees or a personal one between you and a partner.
And as you can probably imagine, communication is also important between landlords and their tenants. You need to let your tenants know what you expect of them, and in return talk to them about how you can help them if they have problems. If they do something you disagree with or vice versa, you should talk through the situation to find a solution.