Getting ready to turn over the keys to your investment property to your tenants? No matter where you live, here are several tips that can help you succeed as a landlord, courtesy of BiggerPockets.com:
- Develop a lease that protects you. and your tenant. You’ll also want to know your responsibilities as a landlord backward and forward. That’s where an experienced property management company and/or real estate attorney can help.
- Screen tenants carefully before they sign the lease agreement. If you’re doing this yourself, you’ll want to be especially vigilant. Make sure you know what information you can and can’t use to screen prospective tenants.
- Take time to educate new tenants about the rules — and what happens if they break them. What happens if a tenant accidentally scratches your kitchen countertop? Punches a hole in a wall? Stains your carpet?
- Visit the property occasionally. Of course you can’t barge in on your residents or enter the property without permission. But occasional visits that adhere to federal and state laws can be great ways to connect with your tenants. For example, consider offering to change the furnace filter and/or putting new batteries in your smoke detector.
- Incentivize good behavior by providing perks such as a paid-for carpet cleaning upon signing another lease or referring another tenant.
- Consider small gifts that show you care, such as gift cards for birthdays or the holidays.