If you are going to be renting out your apartment you need to consider some tips that will help you complete this smoothly. If you are going to be hiring a letting agent or a property management company then many of these tasks will be completed by them. However, it is important that you know what these tips are so you can ensure that they are done.
Always Screen Tenants
You should never rent to anyone without screening them first. You will need to carry out a credit check on the potential tenant to ensure that they will make the rental payments. You should also consider completing a background check on tenants because you do not want to rent your apartment to someone who has a history of trashing where they live.
Get Everything In Writing
You need to put everything in writing because this is good for you and the tenant. If you are renting to the tenant on a month-to-month basis then you still need to have a signed tenancy agreement. The tenancy agreement should detail how much rent they are going to pay as well as the term of the tenancy and any additional responsibilities of the tenant and you as the landlord. The agreement will also need to state the notice period that the tenant has and the notice period you will have if you want them to leave the property.
Handle The Security Deposits Correctly
You need to have a fair system for the setting, collecting, holding and returning of security deposits. Your state may have specific regulations that you need to adhere to in terms of the security deposit and you need to check this. There are some companies that handle security deposits for you and you may want to consider using them.
Complete Repairs In A Timely Fashion
It is important that you complete repairs before tenants move in. However, if there are any repairs which need to be done after the tenant has moved in then you should look at doing this as soon as possible. If you do not then the tenant could gain the right to withhold rent or deduct the costs of repairs from the rental amount. You will also see a high tenant turnover when you do not complete repairs in a timely fashion.
There are a number of tips that you need to consider when you rent out your apartment. First-time landlords are urged to use a letting agency or management company as they will understand the requirements for this.