Renting Your First Property: What Makes a Landlord Successful

Becoming a landlord "by accident" often occurs when we inherit an additional home through probate or by gift from a family member. Choosing to use this additional property as a rental home can be a challenging decision to make. For many new landlords, the concern over renting a property is often attributed to the amount of time anticipated to manage an additional home occupied by renters.

Rest assured. When assuming the role as landlord, often, there is little concern to be dealt with when the right decisions are made prior to, and during, the renting process.

First, as a new landlord, understand that you can not respond positively to every issue or concern or tenants may have. However, to keep your rental property well maintained and to ensure the issues of your tenants are addressed, be sure to respond to the concerns that you can control and when you indicate a particular service or repair will be done, be sure it is done timely. Often, tenants will become rather discouraged by their landlord when the property is not well maintained and, ultimately, the tenant may lose interest in the care of the property themselves.

While daily monitoring of your property is not necessary, do perform "drive-by" visits. Visit your property when you are in the neighborhood and do not be afraid to call or write your tenants when you find something is array during your "drive-by" visit.

To continue an amicable relationship with your tenant, always be sure to provide an adequate amount of time, before a lease expires, to advise of any potential rental amount changes. Most often, landlords will give a 60 to 75 day notice, prior to the lease expiration, to alert the tenant of any potential change in rent. While most tenants understand this change is necessary, be prepared for those who will not and, when an agreement can not be reached, plan for the tenant to prepare to vacate the property.