Clients are asking me how to become good landlords. They plan to move out of their condos, and purchase homes. Since they don’t want to sell their condos at this time, renting them out is an option. The clients are seeing a lot of interest in their condos by potential tenants but don’t want to make a mistake in the process. The short answer is take your time, get trained, follow the rules, carefully screen tenants, and provide good service.
The quickest way to learn about the process is to check in with Community Investment Corporation, a non-profit organization. They offer landlord training workshops where you will learn how to find and screen for good tenants, prepare and negotiate leases, establish and maintain good relationships with your tenants, collect rent, and deal with tenant requests for repairs and maintenance. A huge plus for workshop attendees is they receive a manual with procedures and forms that make your rental process as smooth as possible.
Always check their credit, verify employment, and call their references including current and past landlords. On another note, it is very important to establish good relationships with a handyman and plumber early on so that when you need to call them on a repair, they will be responsive and reasonably priced. And be sure to read more of our blogs to help you with other answers to your buying questions.