Suddenly a Landlord? Here’s Where to Start

Congrats! You’ve just finished the home improvement project you’ve been working on. It may have taken way longer to complete than you’d initially thought, but it all looks fantastic. 

Of course, just as you sit back and enjoy the fruits of your labor, your spouse receives orders for a new assignment.

But after much thought and consideration, you realize that, with the time and effort you’ve put in, this abode is a keeper, so you opt to list it as a rental.

Look at you! You’ve become a landlord.  But there’s a whole new realm of responsibilities and unknowns before you. Where to start?

Your New Business

When taking on the role of a landlord, your perspective needs to be the same as running an efficient business. Keep all of the details organized, treat everyone involved with respect, and place a high level of importance on any issues that come up. This is more than just a hobby; you’ve now branched into another level of homeowner responsibility. 

Start here: A Guide for the Unexpected Military Landlord. 

Find the Best Tenants

Good tenants are sometimes hard to find, but they are out there!

• Start your search for tenants by posting online with MilitaryByOwner. We offer a wide variety of resources to prepare the way to rental success, from property listings to legal forms.
• Pique tenant interest with a dynamic ad for your rental. Include stellar, clear photos of your property and share positive details about the neighborhood. Point out schools nearby, accessibility to public transportation, convenience of local shopping centers, and walkability to parks and trails.
• Highlight special features of the property, such as a generous sized garage, refreshing pool, or toasty fireplace.
• Use social media to your advantage. A Facebook post, a Twitter link, or an Instagram photo may go further than you expect when networking your property to potential tenants.

Landlord duties start with the paperwork!

As the applications start rolling in, screen each candidate with the same process. No matter if they are a referral from your best friend or an employee from the business across the street, treat each applicant the same and set a high standard.

As you find yourself with potential tenants who want to move on with the rental process, begin with a rental application. These applications typically permit the landlord to perform a credit and background check. Use the services of a company like our partner SmartMove to do a comprehensive check for you.

Be Fair and Treat Everyone the Same

As a landlord, it’s important to treat your tenants with dignity and respect. No matter what your personal opinions may be, in this business relationship, treating a tenant as an equal adult is the right thing to do.

Make it clear that you will fulfill the obligations of your role as a landlord and that you expect the renter to fulfill the obligations of their role as tenants. It’s also important that you become familiar with legal matters such as the Fair Housing Act.

Below is an excerpt from our article, A Guide for the Unexpected Military Landlord:

“Become familiar with the Fair Housing Act. For the unexpected landlord, the Federal Fair Housing Act might catch you off guard, but before considering turning your home into a rental property, you must consider the terms of the FHA to stay compliant. These laws dictate rental practices and aim to avoid discriminatory behavior regarding race, color, national origin, religion, sex, familial status, and disability. As a landlord, you are subject to having a complaint filed against you through the Department of Housing and Urban Development if you’ve refused a tenant for reasons related to the protected classes above.”

Reach Out for More Help and Info

Find detailed information about everything a landlord should know about the FHA in What Homeowners and Landlords Should Understand About the Fair Housing Act.

Connect with other landlords as you embark on this journey and learn from the experiences of fellow homeowners. There are Facebook and other groups where you can connect with other military landlords, and you can learn more about your responsibilities as a landlord.

And of course, we’ve got you covered from start to finish with our free extensive resource guide created just for military homeowners turned landlords: The Military Landlord: What to Know About Renting Out Your Home. 

There’s always more to learn, of course, but with these first steps discussed here, you’ll be on the path towards real estate rental success!

*Written by Jen McDonald, Content Editor/MilitaryByOwner Advertising, Inc.

For more articles from MBO, visit their Expert Page on AWN!