Many people rent out their properties as an extra source of income. Although having a rental property is a rewarding experience for a landlord, managing the property can be difficult.

Here are some tips to help landlords manage their property well:

Prepare Proper Legal Documents
It is crucial that you resolve any legal issues related to your property before renting out your house. You will need to prepare lease documents according to the laws applicable in your state. The agreement should clearly state the responsibilities and the term for which the lease is valid. It should include essential information on who will pay the utility bills, pay for maintenance and repair costs. Although you can get all the forms from the official websites, for a new landlord it is essential to consult an attorney or take help from a property management firm. The lawyers will ensure that your documents are legally binding.

Find The Right Tenant
For new landlords, it is crucial to find the right tenant to ensure a hassle free and smooth tenancy. A troublesome tenant can not only cause damage to your property but also drag you into legal hassles. Therefore, it is worth investing some time in finding the right tenant who will be responsible in managing your property and paying rent. You must screen the background of the potential tenant and check his rental history by calling his previous landlords. You can even consider hiring the services of a property management company for finding a reliable and consistent tenant for you.

Know The Fair Housing Act
Every state has its own codes and guidelines that landlords have to abide by when managing rental properties. It is essential for you as a landlord to have proper understanding of these codes and laws. The housing act informs you about your rights and duties, the repairs that you need to carry out in your home, when the tenant can withhold rent, and what procedures you need to follow to evict a tenant in case of breach of agreement.

To be a successful landlord, you need to be cautious, know about the eviction process and inspect the property on regular basis. If you find all this complex and unmanageable, then hiring a property management firm is the best solution. REAL Star Property Management handle every aspect of renting property including advertising the house, finding good tenants, preparing legal documents and inspecting the properties. Your property manager will collect rent, evict tenants and ensure that your property is properly maintained.