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Top Leasing Tips For Landlords to Ensure a Successful Rental Business
Rental business can be one of the long standing ventures in these days. Purchasing a house can be a lesser option since the recent global financial crisis has greatly affected a number of individuals. Despite the erratic trend of the real estate market with prices continue to fluctuate; aspiring homeowners still do not have enough capability to buy their own house. Hence, leasing a property is the ideal option for them. Owners and landlords of rental establishment see this as a great opportunity to boost their business. It means they will be welcoming more and more possible tenants which can lead to multiply their earnings every month. But this is not that easy as it may sound. Being a wise landlord you need to secure that your business operation is doing perfectly fine despite the stiff competition around you.
Initially, you have to carefully screen the applicants prior to accepting them in your property. Normally, it is worth your time and money to get a copy of credit report, an eviction history record and conduct a criminal investigation on your possible tenants. These can all be accomplished through the internet. Spare some time to contact the previous landlords to have ample reference about them. Aside from that, it also helps if you check the last residence of such applicant and inspect the surrounding. Performing tenant screening is a good way to ensure an orderly operation for your business.
It is essential for the landlord to be firm right from the start of the tenancy. Talk to all your occupants all the terms of payments and course of action when late payment will occur. Give them notice few days after their due. Do not wait for them to be charged by late fee. This will aid you to enforce what you have agreed with them from the start of their tenancy.
Do not be too lenient in accepting all their excuses. This will only give the renter the idea that late rent payment is perfect fine with you if they have a valid reason. The next time the renter lacks some amount from their rent, they will assume that you will still accept your payment. This will set the trend for them and emphasize that late rent is unacceptable and will then result to a lawsuit.
Always put all your agreement into writing, whether you sent it by mail or email so as to prevent from having complications in the future. Sent a letter once they become habitually late with their payment as well as their first day of the provided grace period for late charges. Do not forget when you sent the notice so you can put it in your record.
Make sure and keep it mind to establish a good relationship between with all your tenants. Avoid being too close to them so it will not be hard for you to reprimand them if there is a need to do so. Maintain it at a business relationship level, besides you got them to increase your earnings and not to make a loss.
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