1. Property Inspection:
Conduct a thorough inspection of the property, documenting its condition with photos or videos. Note any existing damage or maintenance needs.
2. Legal Documents:
Ensure you have all the necessary legal documents in order, including rental applications, disclosures, and eviction notices.
3. Tenant Screening:
Screen prospective tenants carefully by checking their credit history, rental history, and references to find reliable tenants.
4. Lease Agreement:
Draft a clear and comprehensive lease agreement that outlines the terms and conditions of the rental, including rent amount, due dates, and rules.
5. Rent Collection:
Establish a method for rent collection, whether it's through online payments, checks, or other means, and communicate it to your tenants.
6. Security Deposits:
Set guidelines for collecting and returning security deposits, including deductions for damages or unpaid rent.
7. Maintenance and Repairs:
Regularly maintain and address repairs in the property to ensure it remains in good condition, addressing any issues promptly.
8. Insurance Coverage:
Obtain adequate insurance coverage, such as landlord insurance, to protect your property and assets.
9. Emergency Contact Information:
Provide tenants with a list of emergency contacts and procedures to follow in case of emergencies.
10. Move-In and Move-Out Procedures:
Establish clear procedures for move-in and move-out inspections, including checklists for documenting property condition.