With the number of homeowners shrinking each year, more and more people are turning to renting as a long-term housing option. Savvy investors might opt to take advantage of this pro-renting trend by buying an investment property or renting out their own home to tenants – however, these aspiring landlords should be cautious! Investment property management can be far more complex and difficult than it seems at first glance. Would-be landlords should familiarize themselves with the responsibilities being a landlord entails before they take on the task of maintaining a rental property. Here, Jason Cohen Pittsburgh outlines a few tips.
Live Near The Rental
Living in close proximity to a rental property gives landlords an advantage. They’re able to check in on the home regularly, save money on repairs by doing them themselves, and show the house to potential renters when the time comes to rent it out again.
Landlords who do have an inconveniently-located rental property would be wise to hire a property manager to oversee the home for them.
Follow Real Estate Laws
Most real estate laws are state-specific, and cover important points such as:
- Security Deposits
- Landlord Access
- Termination Notice
- And Other Details
In addition to these state laws, other federal regulations determine whether the space can legally be rented out as a residential property in the first place. Landlords need to make sure they’re familiar with all of these laws and that the building adheres to all local and federal rules before renting out the space.
Enforce Rent Payments
This seems obvious, but many landlords don’t realize how difficult getting timely payments can be.
They may end up getting too friendly with tenants, and let them slide for one week – before finding themselves chasing down payments for months on end.On the flipside, the landlord himself may spark a difficult situation by being overly demanding or forcing tenants to move in and out too often.
Landlords should take extra time to cultivate strong relationships with reliable tenants to ensure they receive timely payments.
Screen Tenants Before Renting to Them
This point goes hand-in-hand with the third tip.
Landlords should always carefully screen tenants before turning a property over to their care. A simple credit score alone could reveal that the tenant can not be able to be relied on for timely payments.
In today’s housing market, it is easier than ever before to find tenants to rent to. But that doesn’t mean it’s not work, too. Hopeful landlords should apply the four tips listed here to improve their odds of finding success in today’s housing market.