THURSDAY, JANUARY 20, 2022
Are you thinking of offering your property to renters? Then you may be taking a step towards becoming a private landlord. Any individual who works outside of a management company to offer a rental unit is a private landlord. And while managed complexes can offer various luxuries and amenities, there’s not much that beats the flexible partnership a private landlord can develop with his or her renter.
Among the factors that make renting from a private landlord attractive are the following:
Working one-on-one with your residents lends well to building trust between both parties. For instance, allowing a renter to pay the rent on a payday, as opposed to the first of the month, can be extraordinarily helpful to that person. And immediately calling a repairman when a problem arises helps maintain the property and keep the renter satisfied.
And much like an apartment complex, it’s in your best interests as a private landlord to write out a detailed lease. Make sure you establish details with your renters such as:
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Whether or not pets are allowed on premises
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The circumstances under which the landlord is allowed to enter the property without consent
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Security on the property
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Any available amenities and prices if they cost extra
With a thorough understanding of expectations upfront, there’s a much greater chance for a successful partnership between you and your renters. And remember, landlord insurance is crucial for protecting your property.
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