Being a landlord is serious business. You’ve purchased what is likely to be one of your most valuable assets, so treating it like a business, rather than a hobby, will help you yield greater returns.
As in any business, establishing procedures to manage your rental property can be extremely useful. It can help you make sure you don’t miss any steps or documents in the process of admitting a new tenant into your property, therefore avoiding potential liability.
Preparing a checklist to welcome new tenants into your property can make the experience a lot less hectic. We are talking about a simple list of bullet points of items that need to be completed prior to a new tenant moving in. Below, we have prepared a sample checklist to help you get started.
Because every property, every landlord, and the laws of every state are different, we suggest you customize the items on this list to suit your needs. Think about the specific procedures you want to establish for screening tenants, the type of lease agreement you want to enter into, what the laws of your state stipulate regarding notices, security deposits, etc.
Steps regarding tenant screening:
Steps regarding lease procedures:
Steps to prepare the property for tenancy: