If you’re renting out a property or two, you will want to make sure to keep your property protected, as well as yourself. Renting out homes can be profitable, but it does require some safety policies and things in place to protect you. Here are some ways that you can stay protected as a landlord:
One of the most important ways that you can stay safe as a landlord is to make sure you do a criminal background check for renters. Screening tenants can help to ensure that you don’t rent out to anyone who may end up putting your asset at risk or performing criminal activities at your property. While you may be in a hurry to rent out your place, it’s more than worth it to stay protected.
Work with a property manager
A property manager can help protect your property by being on top of things that you may not have time to look out for. From keeping an eye on the property regularly to managing issues with rent payments and more, if you find that you don’t have as much time as you’d like to both manage your rentals while also running a business, protect your time by hiring a property manager.
Make sure you have insurance
Some types of landlord insurance can be hugely beneficial, especially when it comes to out-of-the-blue damage that you may not have expected, whether tenant-related or from storms. You will also find that sometimes tenants will only want to sign a lease when the landlord has property insurance so make sure you consider the benefits of insurance when deciding to rent out your property.
Only allow potential renter visits while accompanied
As you start looking for tenants, you may start doing showings to see if you gain some interest. That is if you’re not working with a realtor. It could be best for you to work with a real estate agent to rent out to the right demographic of renters, but if you decide to show your home on your own, consider the benefits of having someone else with you. Unfortunately, some things happen with potential tenants and landlords and it’s best to be safe.
At the very least, consider sharing information with an emergency contact on what time you’ll be showing your home and with whom, so that you can stay protected in this way, whether it’s a friend, family member, or colleague.
It may be easy to have a good rapport with your tenants and as buddy-buddy, as they may try to be, it’s important to stay professional in your dealings with potential renters. Sharing important information with people renting from you that you don’t know well can lead to some issues and could even be potentially dangerous.
Keep your personal information limited and while it’s important to be personable and courteous for a solid landlord reputation, don’t let things cross a professional line.
Renting out your home(s) can be very profitable. However, it is important to have some safety measures in place. From getting some type of insurance for your property to working with a property manager, there are various things you can do to stay safe as a landlord.
As long as you screen your tenants and have a look at their history, you can at least have peace of mind that they’ll be good tenants for your home. Take time to research your potential renters before you sign a lease, so you stay protected from any issues along the way.