Tenants or people who rent are usually the ones who get advice on how to deal and choose a good landlord for their lease apartment or condominium. But, as a landlord, you should also need to see how relationships can work for you and your tenant.
Establishing rapport and good relationship entails longer partnerships that will also make you earn money in the long run. Yet, having tenants are never easy because there are certain mixes of personalities and there are cases you also need to consider.
But, to fully guide you in taking a new tenant, here are five tips you should remember:
1. Ensure their application is complete
Tenant application is a very underrated need. Ensuring that you have all your tenants’ information is very important because it will give you the big picture where they came from. If anything happens to them, you can contact their nearest kin or any relative that might answer to them.
Of course, the information given to you should be well-managed and be kept in full confidentiality.
2. Know your potential tenants first
Sure, you want someone to rent your space, but you should consider first knowing who and how your tenant is like. This is to make sure that they are not in any way involved in any malicious deeds that can affect your property or even drag your name and the business.
It is also a good move so that you can establish good relationships towards them and make sure that they will follow certain rules you give out.
3. Stressed out payment terms
The rent is your topmost priority because it gives you income and keeps your business running. Making sure that your potential tenant understands the payment terms, the due dates, and the things related to ensuring they pay will give you peace of mind in the long run.
Consider not being too strict, but not being too flexible or tolerant when they cannot guarantee payment.
4. Know the fair law of housing
Educating yourself with the basic law of housing will help you be guided in case there is a need. The real estate industry is kind of competitive so knowing the law even just the basic ones can give you good leverage.
5. Price your apartments fairly
You might think the best way to earn rent money is to increase rental. But you must consider the current status of your apartment before pricing.
Making sure to get insurance for each of your tenants is another good point for your business. At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by clicking here.