Becoming a Landlord is a dream for many, but it comes with a lot of demands and responsibility. It becomes a lot easier, though, if you follow simple but effective strategies for buying, selling and keeping up your property. Property management in Maryland can help you become the type of Landlord that will have tenants flocking to your door. If you want to become successful, follow these tips:
- Know your responsibilities: Follow the Fair Housing Laws when you are screening tenants. The key to this law is that you can’t discriminate prospective tenants based on race, religion, sex, disability or color.
- Treat your rental like a business: Many Landlords make the mistake of treating their duties as a hobby. If you treat it like a real business, you’ll be much more successful.
- Reward great tenants: Do your tenants pay their rent on time each month? Do they keep the yard neat and tidy? Reward them with little things like movie tickets, fruit baskets or game tickets. They’ll appreciate the extra effort you’re putting in, and will be more likely to stay.
- Document everything: Hire a lawyer to draft a lease, document any damages to the home before a tenant moves in (with pictures) and after. Keep detailed and organized records on all communication with your tenants. If the worst happens and you need to evict them, you’ll have the proof you need to make the process easier.
- Hire a property manager: Do you want to get called at 2:00 a.m. when the furnace breaks, or the roof starts to leak? Of course not. Hiring a property manager allows you the freedom to enjoy the perks without the hassle.
Property management in Maryland can take care of all of your needs, including maintenance and rent collection. The other benefit is that your tenants will see you as a professional, not just a hobbyist.
