As a landlord, you have a legal obligation to look out for the best interests of your tenants and ensure that they are safe. The law holds you responsible for damages to the property, including leaky roofs, broken foundations and the electrical system. Whether you own homes outright or have mortgages on those properties, you can make a significant amount of money renting those properties to others. With a few simple tips, you can increase the amount that you make and still protect your tenants.
Inspect the Property Before Renting It
Would you rent a home that had a mold problem in the bathroom, a large crack in the ceiling or broken steps leading up to the front door? Tenants will feel exactly the same way, which is why it’s important that you take the time to thoroughly inspect each property and make any necessary repairs before showing it to prospective tenants. Spending a few weeks cleaning the floors, painting the walls and making other repairs can help you get a better price when you rent the home to others.
Do Background Checks
Paying for tenants screening services is the best way to ensure that you rent to the right people. A background check will generally look at whether the tenant has any evictions, civil suits or criminal charges on his or her record. You may also learn whether the individual has any other issues that make the person a less than stellar tenant. Renting to someone with a criminal background or other issues can result in you wasting a lot of time and money on an eviction later and even more money on repairs to the property. Companies like Tenant Screening Services LLC provide thorough background checks on prospective tenants for a low price.
Hire a Property Management Company
If you work a full or part time job that takes priority over your landlord duties, working with a property management company can help you make more money throughout the year. These companies take over the responsibilities associated with owning and renting one or more properties. Workers can handle everything from collecting payments from tenants and handling emergency situations to making everyday repairs and contacting those who are overdue on their rent. Making more money as a landlord is easy when you hire a property management company, screen your prospective tenants and inspect and repair each property before renting it.