Renting out your property for the first time is pretty much like bringing your child to college. It’s bitter-sweet, but separation is an imminent part of life. Although your child comes home from time to time, your property might be yours for a short or long period, depending on your deal. As a first time landlord, getting all the help and hacks you need will definitely help you.
Work with a professional
Real estate agents are the go-to people of renters who are looking for properties for rent. Therefore, it’s no surprise how first time and even veteran landlords get hold of such services. It cuts the hard work to half when you have someone doing the legwork for you.
Have everything in writing
Having a contract is important. Make sure both parties understand what they’re getting into. A legal and binding contract will protect both the landlord and the tenant from problems that might be encountered along the way.
Understand the law
As the landlord, it’s your responsibility to make sure that your property is in top shape, is safe to live at, and is paying all the fees and dues needed to be paid for. Understanding the law is crucial in determining the success or failure of your business.
Always have your documents in order. This does not only include the contract, but also the receipts, payments, and other paper trails that concerns the property you’re renting.
Don’t forget to get your property insured. This will not only attract more renters, it can also keep you secured if unfortunate circumstances happen in the future.
Being a landlord is not easy, but keeping these things in mind can make the job a lot smoother and, hopefully, more enjoyable.