One of the most fulfilling jobs in the world is being a landlord. However, that isn’t to say that the job is a walk in the park, quite the contrary. If you are a new landlord then you probably have more questions than answers, and you probably need a little help getting your bearings.
Whether you are thinking of becoming a landlord shortly, or you have just become a new landlord, then there are a few things you should be aware of, such as the vetting process, hiring the help of a property management company, or even what to consider when setting the rental price. Below you can find a few tips for new landlords in 2022.
Try a Property Management Company
If you are completely new to being a landlord, then one of the best things that you can do is to consider hiring a property management company. Many people become landlords because they think that it is an easy way to make money without really taking it considering how much work it is. As a result, as a new landlord, it can be very easy to become overwhelmed.
Of the biggest benefits of hiring a property management company is the fact that you won’t need to deal with the tenants on a day-to-day basis, or deal with any problems that come with renting out a property. More than this, you can rest assured that your rent will be collected on time, every time.
Properly Vet Tenants
One of the most important things that you have to do as a new landlord is to properly vet tenants. In the beginning, you might find that you are either too relaxed about the tenants that you allow to rent your property, or too strict.
One of the most important considerations when vetting a tenant would be their credit rating since this will be an indication of how reliably they’ll be paying rent. Another important consideration when vetting tenants would be their criminal history, and it would be best if they don’t have one. While being very strict with your vetting process isn’t inherently bad, it could reduce the number of tenants that you find for your properties and make the experience a lot more stressful.
Set the Best Price
Another incredibly important consideration that you have to make as a new landlord would be the price that you are setting for your properties. After all, the money you receive from renting your properties is most likely the main source of your income, so you need to ensure that you can find tenants that can afford to pay the rent.
One way to determine the rent price for your properties would be to take a look at the price of the rent of other properties in the area and charge something similar to a property that is like yours. Remember, if the rent price is too low then just about anyone will try to move in, and if it is too high you will struggle to find tenants.
Do a Rigorous Inspection
If you are a new landlord, then you probably haven’t had to deal with tenant complaints before. One of the biggest complaints that many landlords face is when something is broken on the property and the tenants claim that it was always broken.
The best way to avoid this from happening would be to do a rigorous inspection with the tenants before renting out the property. This means going through the entire property with the tenants to ensure that everything isn’t working and nothing is broken. An even better idea than this would be to take photographic evidence, so you have tangible proof that you held up your end of the bargain.
List Your Property Online
Finally, the last thing that you should do as a new landlord would be to try and list your property online. Times have changed quite drastically and put your property in the newspaper is one of the least effective ways to get tenants.
One of the biggest benefits of listing your property online would be the fact that potential tenants will be able to see photos of each room. Bold at this you’ll be able to list all of the features of the property as well as the requirements for living there, such as having no pets or no smoking.