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How to
Become a Landlord PART 1
Step by Step Guide on How to Be a Landlord
Are
you thinking of renting out your property but have no idea how to
become a landlord? Then you have landed on the right page. Uncover what
are the must know steps on how to be a landlord with our free Guide
on How to Become a Landlord.
Step
1: Market Your Rental Property and Find Your New Tenants
If
your property is currently vacant, the first logical step is find
someone to live in it. Unless your property is an apartment buried in
middle of a building, the most simple and effective way to attract
tenants with drive-by signs advertising that your property is up for
rent.
In fact, a recent study conducted in U.S.A and Canada
shows that almost half of tenants are found using this method. On top
of that, drive-by
signs are almost free and do not require much effort as well. If you are
learning how to become a landlord, this is one thing you can't afford
to ignore.
Local
newspaper advertisements and word of mouth recommendations by friends
of tenants are close runners up when it comes to attracting tenants to
your property.
If you are using the newspaper advertisements,
it is often to include your address as many serious tenants prefer to
drive by the property before even contacting the landlord. If your ad
fails to attract enough tenants or you are looking to rent our property
quick, you can also include your asking rent price in your newspaper
ad.
If you are learning how to be a landlord and need more details on how
to find new renters, Click
here for our how to be a landlord tips and tricks on finding tenants.
Step
2: Screen Potential Tenants and Choose Someone Reliable
Now
that you have potential renters ringing you up and knocking on your
door, you have to pick the right one for your property. If you are
learning how to become a landlord, this is crucial step to master if
you want to avoid a sea of headache later on.
Therefore
it's a
must to interview any potential tenant face to face before you rent out
your property. Crucial things to consider when choosing your tenant
is his ability and willingness to pay the rents on time and if he will
play nice according to the terms of the lease.
While
it can be a challenge to judge how responsible
someone is during a
short interview (especially if you are still learn how to be a
landlord), it will be easier for you to verify
his income and
workplace.
In most cases, a tenant with a secure job and regular salary
is preferred over renters with irregular income sources such as a
rookie salesman who earn commissions for a living.
If
you want more reliable and complete information on
your applicants, there is a quick and easy way to do it. You
can actually buy credit reports, eviction records and background checks
of
your potential tenants from well-trusted tenant screening
sites such
as Tenant Verification Service
or E-Renter.
Step
3: Inspect the Property with Your Tenant Before He Moves In
Once
you have selected your ideal tenant, it's always a good idea to give
him a welcome session where you inspect the property together with your
tenant. During the inspection, you should give a simple demonstration
of how
the
security, heating and air con systems work.
You should also
inform him how the garbage collection and newspaper delivery works in
area. Although not necessary, it will be helpful if you can show him
the location of neighborhood conveniences like the nearest 24/7 store,
petrol station or shopping mall.
After inspecting the property, remember to have your
tenant complete and sign a move
in check list - This signed check list is the whole point of
the inspection in the first place.
If
you are learning how to become a landlord, you may find it bothersome
to inspect the property but it will come in really handy in protecting
you against unreasonable repair demands from your tenants
later on. It also makes deducting money from your tenant's security
deposit for repairs a breeze.
Now
that you know how to be a landlord, it's time to learn how to manage
both your rental property and tenants successfully:
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