29/04/2021
š Landlord Tips: 5 Must-Know Tips for New Landlords
1. TREAT YOUR RENTAL PROPERTY LIKE A BUSINESS
Itās important to make sure your business follows all necessary laws in order to maintain a positive reputation and avoid potential legal problems.
2. REQUIRE A TENANT CREDIT AND BACKGROUND CHECK
When reviewing your prospective tenantās credit and background reports, look out for these red flags: notable debt, undue payments, bankruptcy filing, and prior eviction history.
3. CONSIDER HIRING A PROPERTY MANAGER
Hiring a property manager can be a worthwhile investment if youāre looking to save on the time and hassle involved in owning a rental property, such as marketing your property, colleting rent payments, and dealing with tenant issues.
4. SET THE RIGHT RENT PRICE
Pricing your rental at the rent price that makes sense in your location can mean the difference between vacancies and attracting good tenants so you can rent your property quickly.
5. KEEP DIGITAL RECORDS OF EVERYTHING
As a landlord, you should keep records of everything: deposit receipts, rent receipts, maintenance receipts, and a record of all landlord-tenant communication.
Here are just some of the things owner should know. There are more things like rental agreement, renter insurance, credit and background checks, bill and rent payments, etc.
If you are looking for advice about property management, please feel free to contact me at 0480 252 343 or message my Facebook to find out more!