4 quick tips for being a successful Landlord
Being a Landlord has the potential to be fairly smooth and worry free. Here are 4 tips that will help you have a better experience.
1. Quality products (homes) = Quality renters
A clean well updated home or apartment is going to attract clean reliable renters. It is very important to have a qualified renter that meets your rental property criteria, and having a home that attracts qualified renters is a great start. Now, this doesn't necessarily mean remodeling.
By having new (or professionally cleaned) carpets and flooring, fresh paint, good lighting (natural or electric), and fairly updated home appliances will go a long way. This will focus on blog will help you to understand how to gain clean reliable renters.
2. Having a bulletproof lease
Midway through a lease with a renter, you cannot accuse them of breaking rules that are not clearly stated and defined in the lease agreement. It is extremely important to know the local and state laws for both tenant and landlord rights and cover any responsibility and liabilities in your lease. Leave no stone unturned to save your self from renters remorse down the road. Consulting with a Local Attorney specializing in Real Estate to draft a strong lease that will protect you as the property owner.
3. Always charge a late fee
No one wants to be the bad guy, although strictly enforcing rent payments shows that you are serious about not deviating from the rental agreement. Having a late fee is also an extra incentive for the renter to pay on time. It is important to have these late payments and time frames laid out very clearly in the lease agreement to ensure full understanding and compliance before signing the rental agreement.
4. Seek help if needed, we are here for you!
Friendly professional advice is avaliable! Want help with a renter in your property, or would like to turn over the full management of your rental property? We are here to help with spificically Memphis Property Management needs. Our passion for propery management will help to you continue to see sucess with your property investment.
This guest post was provided by our friends at Lubin Property Management, a Memphis property management company.