You’ve finished your interviews and you’ve asked the important questions to find the best tenant for your rental property. But your work isn’t done. As a landlord, you are responsible for sharing some important information with your new renter to make sure you’re both ready to make this relationship as successful as possible.
Make sure you speak with your new renter about these things:
- Safety first. Make sure your tenant knows where all of the safety equipment is on the property. Point out smoke and carbon monoxide detectors and highlight the fire extinguishers. If there is a security system, teach the renter how to use it and make sure all the keys are handed over, even for all of the deadbolts.
- Paying the rent. Your relationship is a business transaction. The new renter is paying rent to live at your property, so determining how he or she will pay that rent is very important. Let your renter know when the rent is due and how you want that payment (check, cash, credit transaction, etc.).
- Mind the neighbors. Your tenants reflect the quality of your property and your property-management abilities, so make sure they are aware of rules with respect to the neighbors. This is where you can outline your expectations for upkeep of the yard and home as well as concerns about avoiding loud parties or large groups of people frequently visiting.
- Encourage a renters insurance policy. Many tenants mistakenly believe they are covered under a landlord’s homeowners policy. But tenants need to purchase renters insurance to protect their possessions in the event of a fire, theft or natural disaster. It’s very affordable and offers peace of mind.
- Reporting a problem. If your tenants stay with you for any length of time, it’s likely they will have to report some kind of a problem. That’s why it’s good to discuss how you’ll handle repair and replacement work ahead of time. Let tenants know how they can contact you if something does break and how quickly you will be able to handle the problem.
In the next post, learn how you can be a landlord your tenants like and respect.