Becoming a Landlord - Rental Property Management
The first step to becoming a landlord is buying a real estate. But beware, owning a real estate and becoming a landlord is not a quick and easy way to become rich. If you are thinking about investing your money in a house or apartment you will need a plan and a roadmap. First of all, becoming a landlord is almost a full-time job. It requires energy, attention, communication skills and knowledge. Collecting rent is the last part of the job but understanding and obeying the law, awareness of obligations and responsibilities are foundations and first steps of the job. After that, we will go deep into rental property management.
Understanding the Law
The Federal act is called “The Fair Housing Act” or “Title VIII of the Civil Rights Act of 1968”. It aims to protect individuals and regulate rules in renting, selling, advertising or financing a real estate. The enforcing duty of this act is carried by The Department of Housing and Urban Development (HUD) and the Office of Fair Housing and Equal Opportunity (FHEO) is charged with investigating complaints of discrimination filed with HUD. Fair Housing can be identified as “right to buy or rent a real estate for a living, regardless of gender, race, religion, skin color, nationality, marital status or disability. As a landlord, you cannot discriminate against these while renting a real estate. Topics like safety deposit, accessing the property or timeline of notice to leave are covered by the landlord-tenant arrangements in most of the states.
Maintaining the Real Estate
After buying a real estate investment, responsibilities as a landlord starts to appear. You must set a rent according to the rental type, neighborhood and average rent on the market. After that, you have to attract tenants minding the fair housing act. After meeting and accepting a tenant, you have to set a date to collect rent and if there will be a delay, late payment fees or penalties must be considered beforehand. A Landlord can increase the rent with a percentage every year, according to individual state and/or municipal law. He/She can also decrease the rent if it is necessary. The setting, collecting and adjusting the rent is one of the most stressful parts of the job. RentFollow is here to relieve this stress keeping an eye on your tenants, informing them about paying their rent on time via SMS or mail, making income reports based on your properties and tenant’s paying performance. Your tenants can pay their rent with a credit card using RentFollow.
Maintenance of the real estate is another responsibility of the owner. The landlord is responsible for inspecting and resolving tenant complaints, planning and completing repairs and contracting with other maintenance services like plumbing, carpentry, electricity, landscaping or snow removal services. Enforcing precautionary actions and responding to emergencies are also owner’s responsibilities. This exhausting and stressful job can be done by RentFollow and saves you precious time and money. Signing up freely and by using RentFollow, you can chat with your tenants about maintenance issues thru your mobile device, tablet or computer and RentFollow will keep records of it for further use. Using RentFollow is cheaper, faster and smarter than hiring a property manager for your real estates. RentFollow also conducts analyses about maintenance costs, payment frequency and keeping track of your return of investment (ROI).
You can easily manage, keep track of your properties and your tenants via RentFollow. İn just 2 minutes you can sign up with your e-mail, add your properties, tenants and start managing your rental properties easy and free.