1. Conduct Thorough Research: Research local regulations, rental rates, competitors and rental trends to help ensure you’re making an educated decision about being a landlord.
2. Obtain Necessary Licenses and Permits: Many localities require landlords to register their rental property and may even require a rental or business license. You should check with the local municipality and any other applicable zoning or licensing boards to ensure you are compliant.
3. Market Your Rental Property: Create compelling ads with quality photos to reach the largest and most qualified pool of potential tenants.
4. Screen Tenants: Properly screen and interview all applicants to find the best tenants in terms of safety, reliability and timeliness.
5. Maintain Your Property: Regularly inspect and maintain the property; keep it up-to-date, clean and in good working order.
6. Handle Tenant Issues: Be prompt and courteous when tenants have questions or problems. Always be professional, fair and consistent.
7. Set Clear Rules: Create a tenant handbook or a written lease or rental agreement to clearly spell out the expectations and responsibilities of both the landlord and tenant.
8. Manage Finances: Create a system to track rental income and expenses, including paying taxes and applicable insurance.
9. Stay Up to Date on the Law: Understand landlord-tenant laws that apply to you and stay up to date on changes in local and state regulations.
