Ready to sign up some tenants? Here are some tips to be a successful landlord.
Know Your Market
Just as you perform due diligence on a property and its condition, you should do your homework on the area’s rental market to determine the demand for your property and the rent you charge.
Polish Your People Skills
Successful landlords find good tenants and retain them.
Get Some Digits
Maybe you can handle annual touch-up work on your property, but unless you’re well-versed in HVAC systems and your city’s plumbing and electric codes, you’ll need phone numbers for reliable repairmen.
Protect Yourself and Your Investment
The insurance coverage you need as a landlord is different than what you have as a homeowner. Contact your insurance agent to make sure you’re covered.
Another Option For You
Many REALTORS® specialize in property management and can take care of related duties including handling leases, managing funds and screening applicants.