There is a learning curve whenever you enter a new career, and being a landlord is no exception to that. Mistakes can happen, and they could improve your skills as a landlord. You must learn as much as possible to make sure you are doing your best as a landlord. To help you out, here are some tips that all new landlords should know.
You have to remember that your revenue is rent – if your tenants do not pay you, then you are at a loss. While you could allow your tenant to be a few days late on rent, you should know when they are taking advantage of you. If they start to ignore your calls or texts and it has been months since they last paid for their rent, then you need to take action. You need to start proceeding with things like an eviction notice if all your attempts of communication are being rejected. While it may feel harsh, remember that they could be over half a year late on rent before you know it.
Get Extra Help
While being a landlord may seem easy, it is not because there are a lot of things that need to be done, such as lease preparation, finding and screening tenants, marketing a vacancy, etc. If you attempt to do this on your own, you can quickly become overwhelmed. You can outsource some tasks to certain people to help you effectively deal with your responsibilities. For instance, you can get a property manager from a company that offers commercial property management in Salt Lake City. They can help you collect rent, find tenants, pay taxes, and much more.
Know the Laws
There is more to being a landlord than getting a tenant and collecting rent. You need to know the rules that landlords must follow to keep everything legal. For instance, you would need to meet specific standards to follow safety and building codes. You must also know the federal fair housing laws and state-landlord tenant’s laws. For instance, before you evict a tenant, raise the rent, enter the rented property, etc., you need to give your tenant a specific amount of notice. As mentioned earlier, you can talk to a professional, such as a lawyer, to help you learn what laws you should know.
Screen Your Tenants
Screening your tenants is crucial. You do not want to realize that you got a tenant without a job or could cause problems on your property. You need to create standards for your tenants for them to qualify and offer a rental application. You should also run a background and credit check while verifying their employment and income. When you screen tenants, make sure you follow the federal fair housing and state laws.
Communicate in Writing
While a simple phone call could solve things quickly, we recommend that you get everything in writing. While it is not a legal requirement to have every form of communication written down, it could save you in the future. For instance, let us say that your tenant complained that their unit needed repairs and didn’t get it. If you communicated through writing, like through text messages, you have proof that they didn’t let you into their apartment.
Be a responsible landlord by following the tips above.