Tips To Make Your Life as a Landlord Less Stressful
Quality Product Means Quality Tenants
In general, the type of tenant will depend on the quality of rental you are leasing. You don’t need to have hardwood floors and granite in a mid-range home, but if your home is “better than average” for comparable homes, you will attract and keep “better than average” tenants.
Our “No Family-No Friends” Rule
Renting to family or friends is one of the most common and disastrous mistakes a landlord can make. It typically leads to problems and you have to make the decision; get screwed over or lose the relationship. Most people choose to get screwed over to preserve the relationship. Don’t be tempted-EVER.
If You Meet the Tenants; Don’t Be the Owner
This is especially true for those of you who are nice and/or non-confrontational. If they know you: you are going to face a lot of tough decisions and awkward conversations. When you are the owner: they blame you or blame the management company to get your sympathy. It begins a roller coaster that won’t end until they move out. Your property manager can handle any (and probably has numerous times) situation that comes along. From wanting to add a 100 lb. dog or asking if they can be “just a little late this month" they can handle it for you. That is why you hired them, right?
If You Are Lucky Enough to Have a Good Tenant-Treat Them Well
New landlords sometimes don't know what a "good" tenant is. A good tenant pays on time every month and is rarely late, rarely complains, doesn't call the city and complain, and takes care of your property. When a good tenant asks for small things, don't fight them-giving them something extra will make them appreciate you. Even if it is something the lease says they should do. For instance; an exterminator for ants, new paint for touch ups, or maybe help with fall clean up; let them have it.
Don't Discriminate By Accident
Everyone wants the best tenant for their property, but you can't discriminate to anyone based on their age, sex, race, disability or family status. While it's well within your rights to reject having too many people living in your 2 bedroom home, you are not allowed to decline someone with children. You can’t ask ages of children; you can’t request that people who cook with certain foods not be allowed; you can’t say “no singles” (unless you own in a retirement community); you can’t decline a service dog and you can’t ask what the disability is, and many less obvious things. It is important to educate yourself on what can and can’t be asked.
Understanding the Deduction of Security Deposits
While most people understand the importance of collecting security deposits, they are sometimes less sure how to deduct money from it. There are very strict rules governing the use of tenant deposits. You can only deduct damages that were caused by tenant abuse or negligence. Many landlords think they can deduct for normal wear and tear. All deductions have to be documented and notice given within a certain time frame. If you lose in court, you will owe back the money and penalties.
For professional property management, call National Property Management Group today! We know the residential management business backwards and forwards! The rental market is booming and we are here to help you! National Property Management Website