What Does it Take to be a Landlord in the Area?

Deciding to rent your home out to a tenant is not easy. Most landlords are members of the military who are facing deployment, a homeowner who cannot sell a house and is thinking about renting it out or a real estate investor with lots of experience and an entire portfolio of properties. Whatever type of landlord you are, you need expertise to do it right.

Being a landlord is a fulltime job. You have to be prepared to approach it that way. Here are some of the things required of you:

• Pricing your home at a rent consistent with the market value and avoids long term vacancy
• Marketing your property in the right placesCompliance with all federal, state and housing laws in your advertising
• Screening applicants who are serious about renting your home
• Showing your property at times that are convenient for potential renters
• Stay in contact with prospective tenants after they have viewed the property
• Doing extensive background checks on applicants
• Writing a lease that is legally enforceable
• Collect and handle security deposits, placing them in escrow accounts
• Inspect and document the condition of the property before move in
• Understand and follow all landlord and tenant laws
• Respond to tenant repair requests and maintenance issues 24/7
• Schedule vendors for repair work
• Making payments to vendors for completed work
• Collecting monthly rent payments and chasing down late rent
• Keeping an accounting system of rent, expenses and income
• Handle problem tenants who cause damage or violate the lease or HOA requirements
• Execute evictions when necessary
• Regular inspections to ensure the tenant is taking care of your property and following the lease
• Collecting back rent from former tenants
• Completing a move out inspection
• Return the security deposit to tenants within required number of days
• Get your home ready during the vacancy for the next tenant
• Start from the beginning with a new tenant

You have to ask yourself if being a landlord is worth your time and other resources. You probably have a fulltime job already, and a family that you enjoy spending time with. Do you really want to invest the time and energy it takes to manage property correctly?