10 Things a New Landlord Must Know
Being a landlord can be difficult, especially when you're first getting started. We'll walk you through all of the crucial landlord chores, from finding and screening tenants to writing and following a rental agreement and collecting rent online.
Here are 10 tips that you must follow to become a good landlord:
1. Treat it like a business
2. Find tenants online
3. Set your preferences
4. Set the right rent
5. Visit management
6. Follow a tenant screening process
7. Credit and background check
9. Collect rent online
10. Keep good tenants
· Treat it like a Business
Even if managing your rental property isn't your full-time job, it's still a business and a way to supplement your income. It's critical to maintain a professional decorum with your tenants, keep your finances in order, and do complete tenant screening before to move-in.
In order to do the rental home business you need to comply with the laws and norms related to this business. Rental and real estate investment come with the regulations so conduct a thorough research to avoid any discrepancy further in this business.
Double-check that your rental home is a safe place to live before renting to tenants. It's worth spending money to ensure that everything is up to the mark and that all utilities are operational.
· Find Tenants Online
Finding a tenant online is more convenient than to get it referred through any other sources. Before finding a right tenant post your rental property on the free listing portal like BivocalBirds. Don’t forget to mention the key points that are to attract your prospective tenants. They'll want to know the rent amount, the address, the number of bedrooms and bathrooms, the facilities, and the neighbouring attractions—the more detailed the description, the better it is to find a suitable tenant. It's also a good idea to provide clear images of each room and common area, as tenants are more likely to be interested if they can see the place. However, BivocalBirds do a photoshoot on your behalf. So you don't have to be worried for the quality of photos.
The easiest method to attract great tenants who will pay rent on time and take care of your property is to create an appealing rental listing that showcases your best characteristics and discloses your needs.
· Set your Preferences
It is important to keep your preferences on the top of the list. It’s possible you would prefer a bachelor over family, a vegan over non vegan and a working professional or a student. BivocalBirds will do the screening of the prospective tenant as per your preferences.
· Set the Right Rent
To set a good price range of your rent, you need to know the market rates of your location. Don’t keep the price range too low or too high than the market price. Apart from this, keep the price range according to your amenities. If you are providing a fully furnished flat then the rent will definitely be higher than the other landlords rent who are not giving fully furnished flat.
· Visit Management
This can be a bit inconvenient to you, as you cannot be available every time for your prospective tenant and this is how you can miss a good deal. In order to avoid this issue, BivocalBirds has set a new feature- Key Management in which our relationship manager will take the keys from you within a range of 5-10 kms by giving in on document confirmation to you. Your keys will be safely handed over to you whenever you need them.
· Follow a Tenant Screening Process
Tenant screening's main purpose is to assist you identify good tenants who will pay their rent on time and treat your property as if it were their own. It's critical to weed out decent potential tenants from the mountain of applications you may receive in order to select responsible tenants.
Look for a tenant who can pay the rent in full each month, has no criminal past, and has a strong rental history.
· Credit and Background Check
Keep in mind that the prospective tenant should be financially sound so that there is no obstacle for you in receiving the monthly rent. A tenant with a strong financial and background history is more likely to pay rent on time, have no relevant criminal history, and treat the property with respect.
BivocalBirds do a thorough background check and all the prospective tenants are verified.
· Rent Agreement
A rent agreement is your legal document that will avoid any discrepancies between you and your tenant. Every clause of the rent agreement should be clearly written with no ambiguity. The important things that will be included in the rent agreement are the name of landlord and tenant with address, duration of stay in the rented premise (generally-11 months but can be changed with the mutual consent), security deposit, per unit charge of electricity and other charges.
It is advisable to get an e-rent agreement that can be signed digitally from anywhere making it convenient to you and your tenant.
· Collect Rent Online
It is more likely for the tenants to pay the rent if it is easy to pay. It will root out your problem of reaching out to the tenant for rent again and again. You will receive your payment on time every month through online mode.
· Keep Good Tenants
Choose a good tenant who doesn’t make nuisance in the rented premises and treat your property like it is of his/her own. Avoid the tenants who are suspicious to look at as they can trouble you later.
Hope you go through all these steps before finding a good and suitable tenant for your rented property. So now start your rental home business smartly!