Good tips for landlords are hard to come by, especially if you are new to the business of real estate property management.
Here are two more tips for new landlords that can save a lot of time, money and trouble.
Pictures Don’t Lie
Experienced real estate property managers and landlords leave as little as possible to the tenant’s imagination.
That’s why it’s a good idea to take photos of the appliances. This includes the model label on the back of the machine. Then, include this detailed information as part of the written real estate lease contract.
That way if an appliance happens to be missing during the move-out walk through it will be much easier to determine the replacement cost that the tenant is liable for.
Utilities Should Be Turned On
The rental lease that the tenant signs should specify that the utilities will be on when the move-out walk through is done.
Most leases actually call for this, but frequently the tenant doesn’t keep the electric, water, and gas turned on.
The reason for having the utilities on during the walk through is so the landlord or property manager can check for active water leaks and other damage that may have been caused due to tenant neglect.
Other Tips For New Landlords
New landlords are always anxious to get their first rental property rented.
But getting the wrong tenant will be much more expensive than taking the time to find and keep a great tenant.
A few other tips for new landlords include:
- Don’t negotiate on the rent amount or down payment
- Always run a tenant income and credit report and background check
- Put everything in a written contract
- Be aware of the landlord tenant laws in the market where your rental property is located
Remember, it’s always more expensive to get rid of a bad tenant – and to fix any damage caused by them – than it is to take the time and find and keep a great tenant to rent your property.