There’s more to owning a rental property than marketing your house or apartment building—especially if you want to avoid legal headaches later. Complete these tasks before your tenant move in day to make the renting process smooth for you and your tenants.
If you want to prevent future issues, and to attract potential tenants, the property should be in good working order. Before you rent out your apartment, test the major systems to ensure they are functional: heat, air conditioning, plumbing, electrical system. Check any part of the home that involves health and safety, such as smoke detectors, exits, etc.
Make or schedule any repairs that need to be done before the tenant moves in. If the repairs are in progress, let the potential tenants know that the repairs are going to be done and the timeline for completion.
Rental properties should be cleaned before the tenants move in, especially areas where repairs have been made. If you don’t have the time, hire a cleaning service to give the home a deep clean, especially the bathroom and kitchen.
Taking photos and keeping good records is an integral part of renting out a property. After all repairs are made and cleaning is complete, take photos of every room. Keep records of every repair made, such as receipts and inspection forms. Filing away documentation and maintaining proper records is an important part of being a landlord and can save you from many headaches later.
Vet potential tenants.
What the landlord can do varies from state to state, and sometimes from year to year depending on current laws (contact a lawyer for more information). In Wisconsin, landlords can do a background check with the potential tenant’s permission as long as they provide the tenant with the results. If you want to know what vetting procedures you can do legally, contact a lawyer for what current laws specify.
Review the lease.
A lease needs to meet all local legal standards (which varies from state to state) without placing additional undue burdens on the landlord. Be wary of online lease templates that put extra work on your shoulders; instead consult a local lawyer for a lease that fits both criteria. Go through the lease thoroughly with the tenants. When potential tenants have signed the lease, provide them with a copy and file the original with other records.
Before move in day, collect the first month’s rent and security deposit (unless the tenant is waiting on government assistance). If you haven’t already, provide the tenant with a copy of the signed lease and a copy of the background check. A little due diligence now, along with expert advice, can save you funds and headaches in the future.
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