Managing Your Rental Property
While owning rental real estate can be lucrative, learning how to become a landlord can be challenging! Managing a rental property can be a time-consuming task. Here are some tips to help you be an excellent landlord and effectively manage your Detroit rental property.
Find Quality Tenants
Not every tenant is a good fit for your rental property. Advertising your rental property on online rental platforms and social media can help you attract potential tenants. Then, be sure to conduct a thorough background check and verify their employment and income before signing a lease agreement.
Handle Maintenance Requests Promptly
Respond to maintenance requests promptly and keep your property in good condition to prevent future issues. It's also important to establish clear communication with your tenants to ensure that they feel comfortable reporting any issues that arise.
Using a property management software system can make it easier for renters to submit maintenance requests and track work orders.
Create an Air-Tight Lease Agreement
A lease agreement is the legal contract that outlines the terms of the rental agreement between you and your tenants. It should include details such as the length of the lease, the rent amount and due date, and any specific rules or regulations for the property.
Beware of using a quick, free downloadable template to create your leases. Without customization to your properties, a template can leave your rentals and income at risk.