When you're a For Rent By Owner landlord, running your investment property can be more complicated.
Doing everything on your own, from property marketing to rent collection, can be daunting. Whether you're an accidental landlord or a seasoned real estate investor, it's important to streamline your landlord tasks to satisfy tenants and keep money coming in.
In today's post, we'll help you out by telling you some do's and don'ts of being a DIY landlord. Keep reading and you'll have all of the landlord tools you need to maximize your rental income in 2024.
Do: Screen Your Tenants
One of the biggest sources of stress for DIY landlords is delinquent tenants. If you're too relaxed about the people you let into your rental, you'll pay for it down the road.
It's important to put resources into marketing your rental vacancies, as well as tenant screening. When you write detailed property listings with plenty of professional real estate photos, you'll attract the right types of renters. By investing in things like SEO and paid ads, you can cast an even wider net.
But that's just the start. You need to screen your applicants to ensure you get the best possible candidate. This involves looking into their financial and personal backgrounds to weed out those who might fail to pay rent or do harm to your property.
Don't: Be Overbearing
When you get a good tenant in your rental, you need to do your best to keep them happy. Understand landlord-tenant laws and make sure to keep your property in good shape.
It's important to be attentive to your tenants, but you never want to be overbearing. Make sure all tenants know that you're available when they need you, but don't drop by for inspections too often. When you develop strong tenant relationships, you'll have high tenant retention.
Do: Write a Lease Agreement
Write a detailed lease agreement for your vacant units. The more thorough you are in the lease, the easier it'll be to enforce the rules and regulations you set out for your tenants.
A good lease agreement will make your life that much easier. Tenants will know what they can and can't do.
You should also lay out the consequences of lease violations within the lease agreement. In the event you need to evict a tenant, you'll be able to refer to your lease to make the process simpler.
Don't: Skip Maintenance
Performing regular maintenance on your property is essential. Rental properties go through a lot more wear and tear than owner-occupied ones. If you don't stay on top of maintenance, you'll end up having to pay for major repairs at some point.
Perform regular inspections and promptly address tenant maintenance requests. Doing so will keep your property easy to manage and keep rental income coming in.
For Rent By Owner and Property Management
These are a few tips to make running a For Rent By Owner property easier. If you really want to make it easy, however, hiring a property manager is the way to go.
Evernest is one of Dallas' top property management companies, offering a wide range of services. We can help you with everything from tenant screening to property maintenance, so contact us today to get started.
