Landlords and tenants often get into disputes over rental property for one of a few different reasons. The tenant might expect their security deposit back, but the landlord has reason to hold onto it. Or maybe they haven't paid their rent and are now in danger of eviction.
It's essential that you avoid these disputes at all costs. While an eviction may seem like a way to get rid of a problematic tenant, it can also leave you with an empty unit that isn't bringing in passive income.
Here are some of the best tips and tricks for landlords who have homes for rent.
Screen Tenants
One of the first steps in managing your rental property is vetting your rental applicants. Not every potential tenant is going to be the right fit for your property. In some cases, they may have a history of lease violations and failure to pay their rent.
Screening tenants involves looking into their history regarding housing, job security, and a potential criminal record.
Prioritize Regular Maintenance
No one wants to stay in a property that's falling apart around them. As a landlord, it's your responsibility to keep your rental property in the best condition possible.
That means regularly scheduled inspections as well as routine maintenance. Some areas to keep in mind include utilities, the building's exterior, and any public amenities. You'll also want to check that your tenants are taking good care of your investment's interior.
Respond to Your Tenants
Good communication is key for landlords and tenants. An open line of communication allows landlords to respond to any concerns promptly. This is especially important if they're having trouble with something like their plumbing or HVAC systems.
Poor communication can lead to lower tenant satisfaction and higher vacancies.
Plan for Vacancies
A vacancy is when your property is empty and not generating any kind of rental income. This is one of the worst-case scenarios for a landlord that relies on that money.
Depending on the season and the area you're in, a vacancy could last for months before it is filled. That is the time that you won't be earning income. As such, always make sure to have some money stashed away just in case this situation occurs.
Hire a Property Manager
If you're a landlord with multiple properties, the best piece of advice is to hire a property management company. Their services help you take care of your various properties while you focus on other parts of your life. They also come with years of experience and a comprehensive network.
Take Care of Your Homes for Rent
Homes for rent are a great way to make some passive income, but that only works if you have happy tenants who want to keep living there. The best way to achieve that goal is by taking care of your properties and listening to their complaints.
Renters Warehouse Hampton Roads provides premier leasing and property management services for the Southeast Virginia area. Our team can help you find the best rental rate and start earning income as soon as possible. Take a look at our pricing online and reach out for more information.
