Protecting Your Investment: Being a Good Landlord
It is essential that you are a responsible landlord to protect your income-producing property. This consists of more than just collecting the rent. Here are some tips for being a competent landlord:
1. Understand the Fair Housing Laws.
2. Screen your rental applicants; check their references.
3. Make sure you have everything in writing, such as the rental application, rental or lease agreement and house rules. The tenants need to know exactly what they are responsible for.
4. Routinely check your property to make sure it is kept clean and secure. Make sure the property is free of clutter and the landscaping is maintained.
5. Make sure you have adequate insurance to include property and liability.
6. Handle repairs promptly.
7. Make sure you do not violate your tenant’s privacy; check with your state’s laws regarding notice of entry.
8. If you are unable to manage your own property, carefully screen property managers to ensure you have a qualified manager.
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