Those who think being a landlord is easy may have another coming to them.

If you are a landlord, you know that owning an investment property is not like being a regular homeowner. How do you make the most of your position?  

Utilizing tried and true techniques with tenants is the smart way to avoid future problems.  

9 Guidelines for Successful Home Renting

• Select potential tenants scrupulously.

To do this, you’re going to have to put in a lot of time into checking backgrounds, income and past rental record. Nonetheless, it’s an activity that is well worth it.

• Set down your policies.

Don’t assume the conditions on the written lease will be followed accurately. You’re going to need to have a friendly talk with your new tenants upon their arrival. List what is expected of them and what you will provide as a landlord.

• Confirm understanding.

Make sure your tenants are on the same page as you. Spell out responsibilities. These may include who pays for utilities, whose in charge of lawn maintenance, and the timespan in which you expect to be notified about something that needs repair, etc. 

• Make sure proper homeowner insurance is in place and advise your tenants to get adequate renters insurance.

Be upfront with your insurance agency in regard to your home being an investment property because you need special landlord insurance. Recommend renters insurance to your tenants to protect their belongings.

RELATED: How to avoid multiple insurance policy headaches

• Make sure you are accessible.

Consistently review your email and telephone messages so that you will be available to your tenants when they need you. Always keep lines of communique’ ajar. If you cannot fully respond immediately, answer a query with a quick phrase indicating that you are aware of the situation and will act upon it shortly.

• Be attentive to repair needs.

If there’s something that needs fixing, don’t ignore it. Make sure repairs are made in a reasonable amount of time and respond to tenant inquiries about related matter.

• Alert your tenants of your plans to visit.

Be gracious in regard to giving adequate notice about your plan to check out the property. The universally accepted notification timeframe is 2 weeks prior to a visit.

• Be polite and show consideration

Generally speaking, if you act nicely to your tenants, they will do the same to you.

• Adhere to your part of the bargain.

The conditions listed on the lease contract are meant to be followed – in regard to tenants AND landlord.

PRIME Insurance and the Landlord

PRIME Insurance is the award-winning independent agency that has been appointed to do direct business with 43 of the leading insurance companies nation-wide. Known for quality insurance, such as NJ homeowner insurance, auto insurance, business insurance, bond insurance, workers compensation insurance and more, we educate and guide to tailored protection you need.  

If you are a landlord, you require special landlord insurance coverage. Discuss your individual situation with us and acquire great coverage at the competitive low quotes you desire. Visit us at http://www.primeins.com/, email us at PRIME [at] primeins [dot] com or call us at 732-886-5751.

Summary:

PRIME highlights more than homeowners insurance when it comes to landlords. If you are a landlord, make your job easier with these 9 quick tips, courtesy of PRIME!