Education and news for smart DIY landlords!
Landlords want nothing more than to simplify their lives. Like any other business, renting out your property means that you keep track of many things. If things get messed up, you have no choice but to deal with them right away. Here are 5 helpful landlord tips and tricks that will make your landlording experience less stressful and more rewarding.
Apps help you run your business smoothly by minimizing the incidence of you committing errors. They automate daily important tasks. I recommend the following apps:
Related: How Technology Benefits the Lives of Landlords
While do-it-yourself jobs sound like a no-brainer, not every job is worth tackling. A lot of tasks done without professional help result in accidents and more costly repairs. Tasks that require serious consideration include plumbing, roofing and gutter repairs, and electrical repairs. When you hire contractors, hire those that are licensed, insured, and certified. Ask for recommendations. Gather quotes.
Concerning assistance animals, security deposits, evictions, safety, and other property aspects, it’s essential to know the law. You could be a good person, but if you don’t know the law, you could get into trouble. Learn the required disclosures in your state, landlord-tenants laws on your state, The Fair Housing Act, and the Fair Credit Reporting Act.
If tenants are convinced that they’ve been injured or wronged as a result of your negligence, they will pursue a case. Make sure that your gas alarms and electrical systems are working well. Install outdoor lighting to keep burglars away. Check that your emergency exits are free from obstruction. Allow disabled renters to make necessary modifications to increase their safety (but these changes should be made at their expense).
Lastly, require all your tenants to carry renter’s insurance!
Make it a practice to take pictures of the property’s condition before a tenant moves in. Your pictures will serve as proof in case there will be a security deposit dispute in the future or complaints about health and safety. Take pictures of all the rooms, floors, fixtures, windows, and any existing holes and scratches.
Read: Doing a Walk-Through Inspection Before a Tenant Moves In
Thank you for checking out these landlord tips and tricks. If you want access to essential rental property documents, deeper knowledge about running a successful rental business, and to stay updated about landlord/tenant laws, choose Landlord Prep. Join our online academy today!