Tips For First Time Landlords

Thursday, February 8, 2018

As a new landlord, finding quality renters is always a challenge. In order to find a great tenant, you have to know what attracts a quality tenant in the first place. When you are ready to purchase your first property, it's time to consider what works best to keep tenants happy.

Keep the Space Easy to Maintain

fixtures

If the property has a number of apartments, keeping each apartment uniform makes it easier to maintain your property. For example, use the same type of faucets in each unit. When one breaks, you or your property manager already know what type of faucet is going to work in the unit.

Paint in Neutral Colors

Tenants want to make a space their own. Use the same neutral paint color in every room and have a surplus of paint around for emergencies. When a tenant moves out, it's easier to clean up the apartment and paint it the same color once again. A new tenant is going to appreciate a clean, freshly painted space.

Don't Use Expensive Flooring

While a ceramic tile floor may look great in the apartment, this is not necessary when finding quality renters. Use material such as vinyl flooring that looks good but is also easy to clean. You don't want a tenant coming into the property and having to scrub grout just to make the space presentable. Keep your flooring options affordable so that you can replace floors if necessary.

Screen Your Tenants Carefully

When you screen your tenants, make sure you do any CORI checks that you are allowed to do. Ask for references, and don't be afraid to turn away potential tenants. It is better to keep an apartment empty in the short term than to accept a tenant who is likely to skip out on paying the rent.

Use a Property Management Company

Collecting rent and responding to emergencies is difficult for any landlord. If you have more than one property, or the rental property has numerous units, you are better off hiring a property management company to handle any issues that come up. The property management company will do tenant screenings, respond to emergencies and deal with rent collection for you.

Keep the Property Grounds Looking Good

yard maintenance

Tenants want to know that you care about the space they are living in. When you keep the grounds looking good, your tenants are going to be happier. In addition, if you are in an area with bad weather, make sure that all walkways are taken care of to keep your tenants safe. You don't want people to get injured trying to get into their apartment.

Conclusion

As a new landlord, it's important to pay attention to area laws regarding landlord and tenant issues. Make sure that you have a legal lease signed by you and your tenant. Respond to all emergencies and have a plan to take care of the property on a consistent basis.

About The Author

Melissa N. has been working as a freelance writer since graduating from college with a BA in English in 1994. She has written many articles for an online website where she has sold articles relating to all aspects of real estate. Article topics in real estate include the basics of a reverse mortgage and real estate trends for 2013.