When it comes to having a very lucrative rental business, there are certain things you must do to make this happen. Dealing with other people and choosing the ideal tenant will make this experience much more pleasant. Knowing specific tips for making this happen is sure to help your rental business be a success.
Tip #1: Screen tenants
It's important to examine your tenant's background before agreeing to rent to this individual.
Listed below are some things to consider before renting:
1. The credit history of the potential tenant should be thoroughly examined. This information will provide important information regarding how this person paid bills in the past.
2. The current employment of the tenant should be identified before renting the property to this individual.
3. You should consider getting references from at least three people who know the person you are considering to rent your property. This will allow you understand if this individual is reliable.
Tip #2: Create a contract
It's important to put all of the rental detail in writing to ensure these are completed as required by the tenant.
Listed below are things to include:
1. The name, address and contact information of the tenant.
2. The details regarding payments, including the amount, the date due and preferred forms of payment.
3. The amount of time you will provide for notice of entry.
4. Other specific details, such if pets are allowed and how frequently the lawn should be mowed.
This document should be dated, signed and notarized for the best results
Tip #3: Disclose environmental hazards
Does the property you are renting have any potential hazards that should be disclosed? This may include lead or mold that could have a negative impact on the health of the tenant. It's your responsibility to let the tenant know if these exist before signing a contract.
Tip #4: Repair information
Be sure to list the details about repairs that are needed and how these will be handled. It's a good idea to let the tenant know you will fix anything that breaks down within 24 hours or as quickly as possible.
Keeping the rental unit maintained will help ensure you consistently have tenants living in your property.
Finally, you can have great success with your rental business by doing the necessary things beforehand. Consider enlisting the assistance of a residential property management company like Wilson Management Group if you need help while renting.