Are you a new landlord? It's okay there are tons of others that are in the same boat as you, but the one thing you don't want to do is kick off your time as a landlord making tons of mistakes.
Which is precisely why we've taken the time to create a list of tips for landlords just like you. Below you're going to find out some tricks that will help you as you continue to manage properties enlisted to you.
Read on now and be the property manager you've always wanted to be.
1. Know the Laws
When you become a landlord, you need to ensure you've taken the time to understand and review the laws for your state. Not taking time to understand the law won't keep you from being prosecuted if people take you to court.
Another reason you need to know the law is so that you can protect yourself and be the best landlord to your tenants possible. It helps to have a legal team on hand that can educate you about the law and anything else you might be missing as you continue to learn and navigate property management.
2. Get Insurance Coverage
After you've taken the time to learn the ins and outs of property management law it's now time to seek insurance coverage. While we understand you take the time to vet every tenant that applies to live in your properties there will be times where the tenant turns out not to be the most ideal.
Also, normal wear and tear in each property will need to be taken care of over time, which means you need to have insurance to cover yourself and your properties. We recommend shopping around for liability insurance that will take care of anything that could happen in and around your properties.
3. Don't Overlook Disabilities
More than 20% of people live with some sort of disability, which means that in some cases they will need accommodations to access the places they work and live. As a landlord you can't overlook including some of these accommodations in your buildings where necessary.
For instance, you could create ramps where sidewalks are to make it easier for people to access their building. It is also useful if you include elevators if that's an option.
If you're unsure of what living accommodations disabled people need it's worth doing some research to ensure you're doing things the right way for all your potential tenants.
4. Be Organized
Once you start accepting applications for your properties the paperwork, you'll acquire can quickly become overwhelming. This is why you need to do what it takes to remain organized and in most situations that means going the electronic route.
Keep accurate records by implementing the use of software where applications and current tenants can do things like paying rent and submitting other forms of documentation. This makes it easier for you and means you don't have to go searching through filing cabinets for information pertaining to certain tenants.
Tips For New Landlords
When you're joining the thousands of other landlords in property management there are several things you need to know. Ensure you keep organized and accurate files and don't forget to learn about tenant landlord laws.
If you want to become the best property manager, you can be contact Blue Line Property Management for more insightful tips and resources.