Things to remember if you are a landlord
Want to rent your property? Are you aware of things which you should remember while renting your property? It’s not always easy as it seems to be. Renting your property needs to be under the supervision and if you are the landlord you should be aware of certain things. Many people do rent their property and later face many problems either by the tenant or several other issues. As a landlord, it is vital for you to know each and every detail related to the tenant and property.
Have a look at some tips which a new landlord should always remember and follow before renting their property,
- Signed agreement
Always remember to get an agreement signed by the tenant. Agreements make your property authentic. After you choose your tenant, the first thing you should do is make an agreement and get it signed by them. Every landlord should include all important details in it to avoid any misunderstandings in the future.
- Don’t forget to advertise your property
Don’t forget to advertise your property either on newspaper or the internet. This is the only way through which you can attract a lot of genuine buyers and they can contact you directly without any brokers in between. Real estate sites are also popular these days, where you can easily advertise your property and make it visible to all.
- Check your tenant’s activities
Keep an eye on your tenant as well on their activities. It’s often seen that owners rent their property and that becomes a big issue later. Check your tenant’s behaviour. This doesn’t mean that you should become a detective altogether. But, it is best to stay alert.
- Make sure that the rent is paid on time
Make it clear in the beginning only that the tenant has to pay the rent on time. Clear the rent amount, the time till which it is paid, the other bills included etc.
- Always be in touch of your property
Keep a look at your property. Once in a week or month, as suitable but, do keep taking rounds to know the conditions of it. Be close your property and keep an eye on it.
- Protect your property by ensuring it
Are you a new landlord and still not insured your property? The first and the foremost thing is to make it ensure in a known insurance company. Your home insurance is the safety key to your property. Tenants are always in search for those properties which are insured and where they can feel protected.
- Your rules and regulations are musts
Keeping terms and conditions for your tenant is a must for your safety as well as theirs. Tenants would keep themselves bound to rules and regulations, the owner being tension free. Rules and regulations are must to be kept by a new landlord.
Don’t forget to do the police verifications background check of your tenant. Go through the documents provided and don’t hesitate in asking questions if any.