HELPFUL INFORMATION FROM OUR PARTNERS AT FOREMOST INSURANCE
The Foremost Blog
There is a common misconception that being a landlord is a great, easy way to make some money, but that is often not the case. Renting out a property can be a time-consuming and energy-draining task, but it has its’ perks.
I have lived in many different rental properties throughout my years as a college student, and I appreciate the time and care these owners have put into their respective properties. However, if the property owner seems distant or acts ill-mannered, the experience I have at that property isn’t as good. Understanding how to pick your tenants and communicate with them creates a healthier and happier experience for everyone involved.
Screen your applicants well before choosing.
Making sure you have quality tenants is the most important first step to
becoming a landlord. This can be a time-consuming project, but will ease your
mind in the long run. Consider verifying their income, performing a background
check, and checking out their rental history.
Educate your tenants when they first move in.Spend some time discussing
the different aspects of the lease when they first arrive. Communicate the
different responsibilities and rights they have in signing the agreement, and
make sure they understand what their obligations are as the tenants.
Set the standards for what is expected of them.Expanding on number two,
make sure your tenants understand what is expected of them. This will improve
the quality of your communications with each other dramatically. Who is
responsible for taking care of the lawn? Do tenants pay their own electric/cable
bills? How quickly should the tenants make you aware of repairs needed at the
Be available.Make sure you are checking your email and phone often to
keep that line of communication open. Consider creating an alert on your phone
to sound when your tenant has reached out to you. Even if you just reply with a
couple of words like “Okay” or “I will look into it”, your tenants will
understand that you have received their message and already addressing the
Stay on top of repairs.Nothing makes a tenant more unhappy than when
repairs are not taken care of in a timely manner. Follow #4 and be available so
if things go wrong, you can quickly send aid.
Let your tenants know in advance if you plan on visiting.Make sure you
notify your tenants in advance if you plan on stopping by for a checkup. The
general rule of thumb is to give tenants a two-week notice.
Treat your tenants with respect.If you treat your tenants with respect,
they will treat you with respect as well.
Follow the guidelines in the lease.That lease is there for a reason! No
matter if the circumstance are good or bad, make sure you are following the
guidelines in the lease. It is the document that will be used to determine if
there is a breach on either side of the contract.
Foremost Creative Team
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