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A landlord's guide for renting a property



Being a landlord means that you have to take a broad spectrum of responsibilities – from maintaining the rental property to managing relationships with tenants. Even if you are a landlord, you may need a lot of time and preparation, it can also be rewarding and provide a source of income to help you prepare for the future. If you are ready to rent a home, follow these five steps to help you steer through the process.

first Prepare Your Property

Before you rent out your place, you want to make sure it is in the safe and proper condition of the tenants. Some things that you might want to put on your checklist include cleaning carpets, window inspection and cleaning, changing device filters and freshening up landscape architecture, Zillow says. If there are any repairs such as fixing broken window screens or setting an oven, be sure to take care of them before a tenant moves in. It is also a good idea to contact your insurance company to see if you will need landlord insurance.

2nd Enter rental costs and advertise

When your place is ready, it is time to determine the monthly rent. Start by comparing your property with others in the surrounding area and getting to know the local market, Zillow says. Does your house have more upgrades, laundry or garage, while others don't? These types of features can let you charge a slightly higher price.

You also want to start marketing your home so that tenants looking for a home can see that it is available. Using rental sites or social media can be a good place to start. Or you might consider placing a list in local newspapers or posting flyers on local bulletin boards, The Balance says. Be sure to call some details in your listing that can help you draw in the right tenants. It can contain how many bedrooms and bathrooms your place has or if pets are allowed ̵

1; and do not forget to list your contact details or a link to an application.

3rd Find and choose a tenant

When you start receiving inquiries and applications, it may be a good idea to tighten interested tenants by interviewing them, Trulia says. It can help you decide how well you meet the potential tenants and what future interactions can be. Don't forget to request references, including landlords that they may have worked with before, says Zillow – and you may also want to ask about opportunities if you can run a credit report or background check to ensure compliance with their application. [19659006] After choosing a tenant, you should get them to complete a lease, collect a deposit and complete a rental property review. Using a review, the checklist can be a good idea, as it allows you and the tenant to note any existing issues or deficiencies in the property before entering, says Zillow. This can help you hold the tenant responsible for any new damages that may occur while staying at your property.

4th Acting as a Landlord

It is now time to exercise your landlord's responsibility to ensure that your property remains habitable for tenants. This means that you may have to pay for major or minor repairs that occur, says Realtor.com. For example, if your tenant notifies you of a broken oven or leaking pipe, you are responsible for paying repair costs if the problem was not caused by the tenant. You may want to consider setting up an emergency fund for repairs so you are prepared for the unexpected.

Being a landlord can also mean that you need to enforce current rent payments. So, if your tenant is behind the payment, you may be required to send out late payment reports or collect late fees, Zillow says.

5th Moving out a tenant

If the tenant does not renew his rental contract, there are some last steps that you should take when moving out. If you performed a review checklist before moving in, it's time to pull it out and complete a flush inspection with the same list, Zillow says. If you do, you can determine if any damage to the property was caused by the tenant and if you need to discuss any deductions from their deposit. Keep in mind that the requirements and timeline for completing an evacuation inspection and returning a tenant's deposit may vary with state, so be sure to check your local laws, Balans says.

Being a landlord comes with some responsibility that can be new to you. While this checklist covers some basic steps you may need to take, be sure to take time to determine a plan that works best for your situation before listing your property for rent.

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