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Beginner’s Guide to Being a Landlord

Taking on the role of landlord is a huge undertaking. You have renters to find (and trustworthy ones at that), a property to look after, and being the go-between for the many different people involved in this process. Follow these tips to ensure that being a landlord is rewarding, rather than a headache-inducing responsibility.

Beginner’s Guide to Being a Landlord

Screen tenants properly

Too often, landlords don’t screen potential tenants as thoroughly as they should, often causing mishaps further down the line. Don’t get so bogged down by other responsibilities that you forget to screen the people who will be living on your property. Look at credit scores, references, and if they have adequate employment before moving forward with an application.

Beginner’s Guide to Being a Landlord

Don’t short yourself

Your profit is coming from the rent, so make sure you’re charging the right amount to maximize your revenue. Look at the comps in the area, as well as accounting for any renovations you made to the space, and set the amount accordingly. You don’t want to short-change yourself, especially after the contract is signed and rent is locked into place.

Beginner’s Guide to Being a Landlord

Be as organized as possible

When it comes to managing a property and the tenants who live there, spreadsheets are your best friend. Keep track of important documents, make copies of everything, and stay on track with the various transactions and events that pop up throughout this process. You don’t want to be scrambling at the last minute if anything were to come up.

Beginner’s Guide to Being a Landlord

Make your guidelines clear

All of your rules and regulations should be outlined in the lease, but remember to reiterate in person. This is especially important concerning any pet restrictions, what day of the month rent is due, and what (or if) interior changes can be made to the space. Having these guidelines in writing is important, but it’s even more crucial to emphasize them in person before the lease is signed.

Beginner’s Guide to Being a Landlord

Being a landlord can be a breeze if you follow these simple tips!

When purchasing or selling a home, rely only on the most reputable Aiken, SC real estate agency. Give Woodside-Aiken Realty a call now, and we’ll use our vast real estate experience to make your next relocation as easy as possible.