Eduard Shapshovich Offers Five Tips for Managing Rental Properties

1. Getting the Right Tenants

The first thing you need to do to get the right tenants is to write a property listing. Many landlords feel that they can simply put a “For Rent” sign outside and that the perfect tenant will give them a call. This is not a great strategy. You should list your property carefully and market it to the right type of tenants for you.

2. Write Your Lease Cautiously

The lease agreement is a binding legal document that gives both you and the tenant certain rights and responsibilities. The lease should lay out the property’s rules and your expectations for how the property will be treated. It should lay out all of your policies and conflict resolution procedures. While you can find prewritten lease agreements online, it is good to customize them whenever possible. It is also a good idea to have your attorney review your leases before you rent to any tenants.

3. Stay On Top of Maintenance Issues

Too many landlords let their properties become run-down, leading to upset renters and a poorer-quality neighborhood. In your lease, you need to make sure that you communicate to your tenants all of the types of maintenance you are responsible for. You need to set up procedures for your tenants to contact you when they have problems. Above all, you need to make sure that you are responsive to tenant maintenance requests.

4. Understand Evictions

No one goes into the residential property business looking forward to evicting a tenant, but the process is an unfortunate fact of life. While this process is difficult for everyone, landlords must follow all state and local rules and regulations governing evictions.

5. Hire a Property Management Company

Getting Into the Rental Market

Using these five tips, you will be better prepared to get into the rental property market. Everything you do, from shopping for the best property to screening tenants, will play into your chances of success. Above all, it is essential to be honest, and fair with your tenants since an atmosphere of civility will lead to far fewer problems on your end.

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Eduard Shapshovich

Eduard Shapshovich

I work in real estate development. Buying and rehabbing homes to sell or rent them out. I have a great working relationship with my partner, and tenants!