According to George Zweifler, a property manager at Palms Asset Management, “Nowadays, younger generations are already keen on exploring the realty business because as years passed any area of the city can suddenly become the next housing hot spot. The rise in the number of young people living independently has sky rocketed. Many of this young professionals prefer investing in the real estate business than in the uncontrollable rice and fall of stock markets.”
Here’s a Top 10 Checklist for New Landlords:
- Sit down with potential tenants.
- Get it in writing. Sign a lease that spells out such things as when the rent is due.
- Draft a Do’s and Don’ts and present it to the tenant prior to signing of lease.
- Use an online property management service.
- Always have a list of trusted plumbers, electricians and handymen for repairs.
- Get to know your neighbors.
- Keep good tenants.
- Provide goodwill gifts during Holidays or invite your tenants over for a get-to-know dinner.
- Maintain a positive approach in dealing with your tenants. Provide a grace period.
- Establish an open-communication regarding bills, maintenance and possible repairs.
For the landlords, renting a house offers much more than just financial security. It can create a harmonious relationship within a community.
