The key to the success of renting out your property is ensuring that you keep your tenants happy. However, this rule does not only apply to landlords as tenants also have their own responsibilities. More often than not, tenants and landlords end up dealing with complaints and problems because there was no complete closure of the responsibilities each party needs to fulfill.
Dos (Landlords)
-Screen your tenants
It is not enough that your tenants have the ability to pay the rent because there are also other factors that you need to take into consideration. Incurring damages to your property is often inevitable. This is where comparing good apples to bad apples come into play. Make sure you pick the best tenant by putting them through a series of interviews as part of the screening process.
-Ensure tenant's safety
It is your responsibility as a landlord to ensure that your property is a livable and safe place. Make sure you check anything for repairs. If there are fixtures in need of attention, consider having a maintenance schedule. Electrical and gas equipment must be regularly checked by trusted technicians.
-Respect tenants' privacy
Tenants should enjoy their privacy even when they are renting your property. If you need to inspect the property, be sure to schedule your visits. You can freak your tenants out if you show up in the wee hours of the morning for inspection. Tenants surely appreciate if landlords value their privacy.
-Prepare a contract
Verbal agreements may appear to be the easiest way to bind a tenant into a commitment. However, if problems arise, both parties will be in a no-win situation. Even if the occupant is a friend or an acquaintance, it still pays to prepare a lease contract that is notarized as much as possible. Both parties will be protected when there is a written contract.
Don'ts (Landlords)
-Overcharge
Renting out your place is such a big step to make, but this should not be used as an excuse for overcharging tenants. Be sure to learn about the rental market so you will know the reasonable price range. You will have difficulties finding a lessee if you attempt to overcharge. The rate must be reasonable for both parties.
-Forget about the rent due date
Non-paying tenants have always been the bane of every landlord's existence. This is why you need to encourage them to pay their rent on time. You need to be stern but respectful at the same time. While it can be frustrating to deal with tenants who always fail to make timely payments, you should avoid nagging them.
-Ignore problems with the property
If a landlord is employed full-time, it is easy to slack off in maintenance. It is necessary that you check your property from time to time to know if it needs improvement. If your tenants are making timely payments, they also deserve to live in a safe and problem-free place.
Dos (Tenants)
-Inspect the property
There might be some instances that you prefer to do your transactions online and searching for a property or place to rent is no exception. While the place may look nice in the picture, nothing beats inspecting the property in person to know whether or not you are getting a good deal.
-Read and sign a contract
A written contract protects you from any disputes due to not fulfilling the agreements that the landlord has promised. If you have a contract both parties will know if the conditions have been performed. Never sign a contract without reading the terms and conditions thoroughly. Ask questions if there is something in the contract you need to clarify.
-Pay on time
Rent payment is used for maintenance or paying the utility bills. Delayed payments may also result in a series of inconveniences ranging from lack of electricity, water supply, interrupted internet connectivity and many others.
Don'ts (Tenants)
-Damage the property
As a tenant, it is your responsibility to take care of the landlord's property you rented. In the event of property damage, you should make it a point to shoulder the cost for repair or maintenance.
-Violate lease contract agreement
Once you have signed the contract, it is an indicator that you have agreed to its terms and conditions. If you violate any of the agreements, the landlord has the right to evict you. Make sure you follow rules including making timely payments.
