What Should Every Landlord Know Before Entering the New Year?
As the New Year approaches, landlords should take a moment to review their rental properties and evaluate any changes they need to make.
From updating tenant policies to assessing potential legal risks, there are many things that a landlord should consider as they enter 2023. Here are some of the key points every landlord should know before entering the new year: understanding local laws, reviewing tenant agreements, staying abreast of industry trends, evaluating market conditions and preparing for possible challenges like repairs or vacancies. With these tips in mind, landlords can ensure their business is running smoothly and efficiently throughout 2023.
Establish a Strict and Thorough Tenant Screening Process
Vetting tenants is an essential part of leasing a rental property, and it's easy to overlook. However, failing to set strict criteria for potential renters can result in major problems down the line. To avoid this pitfall create specific standards that every tenant must meet; credit score levels, eviction records checks, criminal background verification etc., should all be included in your process. Making sure everyone completes these steps ensures you find the most appropriate person for your home while upholding Fair Housing laws at the same time!
Know and Follow the Laws
As a landlord, it’s essential to stay informed of all the laws that govern owning and managing rental properties. This year is no different; as regulations are certain to change over time, staying up-to-date on Fair Housing requirements, Warranty of Habitability laws – among others - will be critical for success in 2023. Ignorance won't cut it: keep abreast of legal developments so your business can thrive!
Create a Solid Lease
Staying abreast of the changing legal landscape is essential for landlords to protect their interests. 2023 is an excellent time to assess your existing lease agreement and make any necessary updates; from clearly outlining tenants' responsibilities like pet ownership, rent payments or lawn maintenance -to consulting a real estate attorney for expert advice on current legislation- creating a solid rental contract should be top priority this year!
Create a Maintenance Schedule and Stick to It!
Owning a home is an important investment - one that requires vigilant maintenance. Create a list of regular services such as HVAC tune-ups, gutter cleaning and carpet shampooing to stay ahead of any issues and protect your wallet in the long run. Establish when you last had service completed for each task then set reminders based on what your repairman suggests. You'll be glad you did!
Inspect Your Rental
Routine inspections during the lease are key to helping identify and resolve smaller issues that can mushroom into bigger problems. They also create an invaluable documented history of any repairs or alterations done while tenants occupy your home, making it easier for you to assess damages at the end of their contract period. Be sure to always adhere closely to legal protocols regarding notification requirements before conducting these visits - proper paperwork backing up visitations will ensure minimal hassle when evaluating potential damage down the line.
Keep it Professional
Navigating the difficulties of 2022 can be daunting, but one resolution for 2023 is to keep a professional attitude and prioritize your rental property as if it were any other business. Developing this mindset will not only help resolve issues better when they arise, you'll also gain peace-of-mind knowing that despite external turbulence, you are operating at an optimal level of productivity and composure.
Hire a Property Manager!
Before you make your decision, weigh the pros and cons of hiring a property manager. Doing so could be an invaluable investment; not only will it save precious time – giving you space to focus on other things– but in many instances can also provide additional security that all guidelines for becoming (and staying) a successful landlord are fulfilled!
As a landlord, there are many considerations to make in order to succeed. From understanding and following the laws that govern property ownership, creating solid leases for tenants, setting up regular maintenance schedules and conducting routine inspections - all of these steps will help you stay on top of your rental business this year. If you need further assistance with any of these topics or have questions about other aspects related to owning rentals properties, be sure to check out our website for more content! With the right knowledge and dedication, 2023 can be an incredibly successful year; we wish you luck as your prepare yourself for success in real estate investing!
