Are you a new landlord unprepared for the challenges of managing tenants? Finding good tenants and keeping them is integral to being a successful landlord, but it’s not always easy. However, with some simple tips and tricks, you can keep your rental filled with tenants who respect your rules—and even enjoy living in your property. In this blog post, we'll provide you with ten practical tips to help you find and maintain excellent relationships with long-term tenants—ensuring success as a landlord for years (and properties) to come!
Perform a Thorough Background Check Before you rent to any tenant, it’s essential that you perform a thorough background check. This should include a credit check, criminal background check, and employment and income verification. By doing this, you can better understand whether the tenant is likely to pay rent on time and take care of your property.
Get Everything in Writing Once you’ve found a tenant you’re happy with, it’s crucial to get everything in writing. This includes the lease agreement and any rules or regulations the tenant must follow—having everything in writing allows you to avoid any misunderstandings or disputes down the road.
Collect a Security Deposit When renting to a tenant, collecting a security deposit is also a good idea. This deposit can cover any damages the tenant may cause to your property during their tenancy. Typically, the security deposit is equal to one month’s rent.
Move-In Inspections Before a tenant moves into your property, conducting a move-in inspection with them is important. This allows you to document the property’s condition and identify any existing damage. It’s also an excellent opportunity to go over the rules and regulations of the property with your tenant so that they know what is expected of them.
Be responsive to Maintenance Issues If any maintenance issues arise during the tenancy, it’s important to be responsive in addressing them. By taking care of these issues promptly, you can avoid further damage to your property and keep your tenants happy.
Inspect the Property Regularly Once the tenant moves in, inspecting the property regularly is important. This will help you to ensure that the tenant is taking care of your property and that there are no maintenance issues that need to be addressed.
Keep Good Records Throughout the tenancy, it’s important to keep good records of all communications with the tenant, as well as copies of any documents or agreements that have been signed. These records can come in handy if any disputes need to be resolved.
Give Proper Notice Before Entering the Property Under most state laws, landlords must give tenants proper notice before entering the property for any reason other than an emergency. This notice typically needs to be given at least 24 hours in advance. Following this rule can avoid potential conflict with your tenants regarding privacy rights.
Raise Rent Gradually If you plan on raising the rent during the tenancy, it’s best to do so gradually rather than all at once. By increasing the rent gradually over time, you can avoid shocking your tenants with a significant increase all at once and potentially losing them as tenants.
Move-Out Inspections When a tenant moves out of your property, it’s crucial to conduct a move-out inspection with them. This allows you to assess any damage that may have occurred during their tenancy and determine whether or not they are responsible for it. It’s also an excellent opportunity to discuss how they found living on your property and get feedback on what could be improved.
Thoroughly screening tenants, getting everything in writing, and conducting move-in and move-out inspections are just a few things landlords can do to protect their investments. By being responsive to maintenance issues, inspecting the property regularly, and giving proper notice before entering the unit, landlords can also build good relationships with their tenants. Gradually raising rent over time is another way to safeguard your investment while providing fair and reasonable housing for your tenants.
Did I miss anything? Please let me know in the comments! Also, please subscribe to our blog to receive a notification when new articles arrive.
At Don Asher Management, we've proudly served the Central Florida community for over 70 years. As a locally-owned company with a strong understanding of the local market, we've cultivated substantial relationships with local and national contractors to provide top-quality services. We're dedicated to meeting your Property and HOA management needs with a personalized touch, combining our decades of experience and commitment to detail for unmatched service. We're confident in our ability to deliver exceptional services tailored just for you. Choose Don Asher Management - where personalized attention meets professional service.