Rental Instructions for Landlord
Being a landlord can provide you with a tidy sum of extra income each month, or it can be one gargantuan headache. Renting out a home or an apartment requires a commitment on your part, as well as on the part of your tenants. The best way to avoid future problems is to prepare well, and carefully choose the occupants for your property. With some simple prep work, you'll maximize your income potential and develop a positive relationship with your renters.
Instructions
- 1
Ensure that your property is in immaculate condition before renting it. Repair loose railings, eliminate tripping hazards and check for dangerous conditions in the rental unit. Leaving anything to chance increases your liability if your tenant is injured due to negligent upkeep on your part.
2Inspect your property from a security standpoint. Install deadbolt locks or safety chains on the doors, check window locks to make sure they work, trim back bushes around windows and doors and ensure that the property is well lit at night.
3Obtain a rental agreement that outlines the rights and responsibilities of both landlord and tenant. Hire a lawyer to draw up this agreement, or locate one online or in a publication. Read the contract thoroughly to ensure that you're familiar with its terms.
4Include a detailed payment procedure in your rental agreement. Set forth the date the payment is due, methods of payment you'll accept, the total amount due and policies and charges for late payments and returned checks.
5Advertise for renters. Place a classified ad in your local paper, post a notice on the grocery store bulletin board, advertise in a church bulletin or on an online message board.
6Contact your insurance agent and ensure that you have adequate coverage of the property you plan to lease. Choose liability limits high enough to protect you from financial ruin.
7Screen your potential tenants by obtaining a credit report, performing a background check and personally calling their references to avoid future problems. You need to know now if your potential tenant has a history of criminal behavior, not after he's signed the lease.
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