Are you interested in renting your real estate? Do you think that you’d be up for the job as landlord? Although it seems like it would be easy (all you have to do is collect rent and fix the occasional problem, right?), it’s not for everyone. Before you decide to go through with renting your property, you may want to take a few tips into consideration to make this venture a success.

Real estate expert Ilyce Glink offers some advice on the Equifax Personal Finance Blog for you to keep in mind before taking the plunge into landlord status. Her article, “Real Estate Investing: How to Be a Good Landlord,” discusses suggestions based on her own experiences renting out properties including:

Keep it all business: When you become friends with your tenants, they may expect special treatment based on that relationship.

Be upfront: Make sure you’re clear about your expectations and policies from the beginning.

Credit checks: Always run credit checks when determining whether or not to lease your home to potential renters.

Use current tenants for help: if you’re home is currently rented to a good tenant, enlist their help to find the next good tenant.

For more information and tips from Ilyce Glink’s article, visit the Equifax Personal Finance Blog.

 

 

2 Comments on Tips for Renting Real Estate

MAR
01
2011
104,290 Points

Like most other things in life, please be sure you understand your liability and legal responsibilities prior to managing your own properties.  Just as we do with doctors, attorneys and auto mechanics, it's best to consult an expert prior to undertaking the role of a hands-on Landlord.  The court room is a lousy place to learn the lessons!

Consult with a professional property manager - it is well worth the consultation fee (if any), to become familiar with the process.  We aren't there to merely collect rent; Landlords hire us, our systems, and our expert ice to properly handle any and all issues that MAY occur.

Real estate is a fantastic way to become wealthy over time, so long as the rules of the game are understood.
4:31pm • #1
430,879 Points 10 Featured Posts Outside Blog

Very, very important information. Renting can be a positive experience but it is all about making it into a business and playing according to the rules. - David
5:04pm • #2


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