{"id":3416,"date":"2023-06-11T16:08:32","date_gmt":"2023-06-11T16:08:32","guid":{"rendered":"https:\/\/www.followmystep.com\/?p=3416"},"modified":"2023-06-11T16:08:45","modified_gmt":"2023-06-11T16:08:45","slug":"must-know-tips-for-new-landlords","status":"publish","type":"post","link":"https:\/\/www.followmystep.com\/en-us\/real-estate\/must-know-tips-for-new-landlords\/","title":{"rendered":"10 Must-Know Tips For New Landlords"},"content":{"rendered":"
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Being a landlord comes with both responsibilities and potential financial rewards. But for new landlords, there are many important things to know to have successful tenants and avoid common issues. Here are the top 10 tips every new landlord should keep in mind.<\/p>\n
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Prioritize Finding Good Tenants<\/h2>\n<\/li>\n<\/ol>\n
As a new landlord, your success depends on finding responsible tenants who pay rent on time and properly maintain your property. Thoroughly screen all applicants and check references to find good tenants. Run credit and background checks, verify employment and income, and check past landlord references for a complete picture of the applicants. While it may be tempting to rent to the first interested tenants, taking shortcuts can lead to problems down the road. Time spent on tenant screening is time well invested.<\/p>\n
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Set Clear Expectations In The Lease<\/h2>\n<\/li>\n<\/ol>\n
A solid lease agreement is key to a smooth landlord-tenant relationship. Include details like the rental amount, security deposit, maintenance and repairs, rental term, and policies regarding pets, guests, noise, parking, etc. Especially for new landlords, a comprehensive lease helps avoid confusion and conflict by setting clear rules and expectations upfront. Walk through the lease in person if possible to ensure all parties understand and agree to the terms before signing.<\/p>\n
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Protect Your Investment With Renters Insurance<\/h2>\n<\/li>\n<\/ol>\n
While you should require tenants to maintain renters insurance for their personal belongings, you also need coverage for the property itself. Landlord insurance, like policies offered by reputable companies, provides coverage for damage from events like fire, vandalism, or storms.<\/p>\n