Being a landlord involves a lot of work, and it’s not always easy. If this is your first time putting your apartment for rent, it’s only natural you feel slightly overwhelmed. To help you start on the right foot, we’ve prepared 6 tips for first-time landlords in Greensboro. They should make the entire process as smooth and as easy as possible for you.
It’s essential to set a high standard from the start and invest your time into creating a tried-and-true process. By creating a good system for managing your property, you’ll save yourself some valuable time, money, and energy.
Things to do before renting your property
If your Greensboro home is on the market but it’s not selling, perhaps you should think about renting it. Sure, being a landlord comes with various responsibilities, but it can also be a very lucrative business.
Caption: If there are any maintenance issues in your rental, make sure to resolve them before your tenants move in.
Alt: A person drilling near a window
Before renting your Greensboro property, you should check specific things, so they don’t come up and cause issues later. You must ensure everything is in order with your place. Here is what you should pay attention to:
- Familiarize yourself with local laws – One of the essential tips for first-time landlords in Greensboro is to know the local renting laws. Don’t cut corners but make sure that your property is fully compliant with all possible requirements.
- Ensure that your property is inhabitable – Get your property inspected by a certified home inspector and see if anything needs to be repaired or replaced. Make sure to declutter the place and safely store all your excess things. A perfect way to do this is to rent a storage unit. When looking for a unit to rent, be sure to check for things that should be avoided, such as pest infestation or any type of damage. By finding the proper storage unit, you can be sure your belongings are safely put away.
- Think about insurance coverage – Research reputable insurance companies and choose the one that offers the best insurance policy. You want to be covered in case of a potential emergency or damage.
Tips for first-time landlords in Greensboro
After you’ve prepared your rental and made it ready for the new occupants, it’s time to set the right price and find the right tenants. Remember, you should tend to build an honest and good relationship with your tenants. However, you also need to protect yourself and your property in the process. If this is your first time renting, here are six tips that should help you go through it easily and stress-free.
#1 Set the right rent price
Before you set your rent price, you need to do a thorough research of your local market. If you are not comfortable doing this independently, consult with a real estate agent as they have the necessary knowledge and experience.
Caption: You must do market research before you set your rent price. Setting a price that is too high might discourage potential tenants, while a price that is too low might attract the wrong crowd.
Alt: Doing local market research is one of the tips for first-time landlords in Greensboro
By researching the market, you will find out the fair market rent price, which will help you set a rent price for your property. This is very important as you don’t want to set the price too low or too high. You want to find the golden middle as it will help you attract more tenants.
Also, make sure to calculate the difference between your rental expenses and your rental income. You need to make sure you are getting a profit. Otherwise, it might be a better option to sell. Nowadays, there are ways to sell your Greensboro home without spending a dime.
#2 Treat your rental as a business
As your rental property is a source of extra income and, in a way, very similar to a side job, make sure to treat it like a business. Make sure your business is in line with all government regulations. This way, you’ll not only avoid potential legal issues, but you will also ensure a good reputation for yourself.
Another thing you should be mindful of is maintenance and keeping your rental in the best possible condition. When your tenants get in touch to report a problem, make sure to respond promptly. Being professional is necessary for building a respectful relationship with your tenants.
#3 Screen your tenants
Every landlord would like to have responsible tenants who will take care of the rental as it was their own property. You might receive a mountain of applications, so it’s crucial to conduct checks as that’s the only way you can be sure you’ve found the right people for your property.
Make sure to check their criminal history, income, and references from their previous landlords. Even if it all looks good on paper, you should still get in touch and find out more about them. If you don’t like what their previous landlords say, they might not be a good choice.
After you’ve chosen the right tenants, make sure to build a good relationship with them. If they prove to be trustworthy, you will want to keep them for as long as possible. Therefore, start from your first interaction – help your tenants prepare for moving to Greensboro and give them a warm welcome when they enter their new home.
#4 Have everything in writing
In order to protect yourself from any potential legal issue, a written tenancy agreement is a must. This way, you’ll also clearly communicate your expectations. Oral agreements are legal in many states but having everything in writing makes handling any potential legal issue much easier.
Caption: The best way to ensure you and your property are protected is to have written tracks of everything related to your rental.
Alt: A person writing on the paper and looking at the laptop
Technology has changed the way people sell their real estate. This is also true when it comes to renting. There are state-of-the-art applications and programs to help you run things smoothly in your rental. It’s very important to keep everything on record as you want to protect yourself and your property and build a good and professional relationship with your tenants.
#5 Enforce the rules from your rental agreement
Your rental agreement will contain rules that are not just related to laws and regulations. For example, if your tenants can keep pets or your response time in case of maintenance issues. Enforcing your rules from the start will show your tenants that you are serious, and you’ll leave them with no space to take advantage of your leniency.
On the other hand, there will be rules that your tenants set. For instance, they might require you to give a 24-hour notice before coming to the rental. Make sure to respect and follow their rules, too. Your relationship must be built on mutual respect.
#6 Don’t rent to family or friends
Lastly, make sure not to rent your property to someone close to you. It might seem like a win-win situation to rent to someone you know but keep in mind that it’s always better to separate business from personal. It can be challenging to maintain boundaries, and you could end up ruining your relationship.
For example, if your friend is your tenant and they are having a hard time paying the rent, they’ll probably expect favors from you that you might not be able to do. In the end, it could jeopardize your friendship. Therefore, it’s best to rent to people you don’t have any personal connections with.
We hope you have enjoyed reading our tips for first-time landlords in Greensboro. Hopefully, we could help you set up your rental and find good and reliable tenants. We wish you the best of luck with your new rental business!
If being a landlord does not work out and you would like to sell your property as-is with or without tenants in place, then we can help!
Reach out to AIP House Buyers for your free no obligation fair CASH offer.
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Call or Text. 336-707-5223