5 Tips for Becoming a Landlord in Spartanburg SC

An exchange of house keys

Quite a bit goes into becoming a reliable landlord with admirable qualities. If you’re not very experienced in this field, there are pieces of advice that could help with the process of managing and owning a rental property. Although it doesn’t seem that way at first, you truly don’t need to waste all your energy and money when becoming a landlord in Spartanburg. With sufficient information that’ll help you work smart, not hard, you’ll become as good as the rest of them in no time.

1. Strive to manage the property in a professional manner

Even if you’re new to the business, you need to be as professional as possible. Try to interact with your tenants and help them with anything they might need. Your goal, especially in the beginning, should be to try to manage your rental property as if you were in the business for a long time. Although it sounds a bit cliche, the “fake it ’till you make it” saying exists for a good reason. To get to the professional status, you first need to become a good enough landlord in Spartanburg. Once you become more experienced, this will come naturally. Remember that landlord-tenant communication should be cordial, clear, and as professional as possible. You should have as your goal to show your potential tenants that you’re taking them seriously and that you’re expecting the same treatment. Becoming a landlord in Spartanburg can be exhausting, and you should set some boundaries and be upfront and honest right away. Being direct and following through with all the terms of the lease will not only make you a better professional, but it’ll also help you with keeping your leisure time separate from working hours.

2. Your screening process should be foolproof

A challenging part about becoming a landlord in Spartanburg is that you’ll have to find a quality tenant. Chances are, you’ll go through a bunch of potential candidates before landing on the one you click with. The screening process can be hard. If your property has a reasonable price and is of high quality, you’ll probably receive quite a bit of interest from prospective tenants. It would be best if you didn’t rush into a decision, whether you’re selling a home or renting it. Try to come up with a well-thought-out process that has established requirements that will help you with screening. This will surely scare off tenants that aren’t serious and reliable. Also, take a detailed look through your potential tenant’s history. This is bound to show previous eviction history, income, and anything else that’ll be of use to you.

3. The law is your friend when becoming a landlord in Spartanburg SC

Once you become a landlord, it’s expected of you to comply with all the fair housing laws. Seeing how not all landlords know these rules, they can sometimes suffer consequences they otherwise wouldn’t have. That being said, you need to be aware that the law is there to help you have a smooth landlord-tenant relationship. It’s there to protect both sides. It covers any potentially problematic scenario that you could think of. For example, if downsizing your home is something you may want to do in the future, you should state that in the agreement and be honest with it. Equally, your tenants will have to do the same. If becoming a landlord in Spartanburg is something you’re planning on doing, it’s essential to get familiar with your state’s tenant-landlord laws. Fortunately, you can find a map offered by the American Apartment Owners Association that’ll help you with your research.

4. Your lease should be thorough and well-thought-out

As you’re probably well aware, there’s plenty of potential scenarios where your property could be harmed or damaged. These types of accidents often occur during moving in or out of the place. Of course, there are some useful guidelines for tenants out there that can help with avoiding property damage altogether. However, this isn’t always possible. For precisely this reason, you should make a very detailed and thorough lease agreement. This document is the most important thing you’ll sign before you become a landlord in Spartanburg. All the rules and regulations, meaning what the landlord and tenants can and can’t do, will be written here. It’ll also clearly state any consequences that’ll happen if the lease is broken.

5. Always continue to improve

Once you become a landlord in Spartanburg, you’ve only just begun. Becoming good in this business takes a lot of time and effort. It doesn’t happen overnight. This means that you’ll need to put in a lot of hard work very consistently for a long time until you’ve reached the status you’re after. You should try to soak in as much knowledge as possible. Don’t be afraid to ask questions, make acquaintances, learn about other people’s experiences, etc. You have to be in it for the long haul if you’re looking to succeed. Here are some questions landlords should ask their potential tenants: 

  • What’s the exact date you’ll be moving in?
  • Do you currently own or plan to get any pets?
  • How long has your previous tenancy lasted, and why did it end?
  • How many people will be staying in the unit, and are you planning on having frequent visitors?
  • Are you a smoker?
  • What is your exact monthly income?
  • Have you ever broken an agreement with a previous landlord, and if so, why?

Once your portfolio begins to grow and becomes more versatile, so will your experience. House Hub Real Estate Solutions is a great place to learn and stay up to date on all the newest data you’ll need. You should look for any rental law changes, management strategies, or tax benefits that will inevitably increase your return. This will also make becoming a landlord in Spartanburg and maintaining the position a lot easier.

Photo used: https://pixabay.com/photos/give-key-receive-hand-keys-5242150/

Teri Karo

Co-Founder of House Hub Real Estate Solutions. Known in the South Carolina real estate market for his acute real estate business acumen, innovative deal-making execution, & capability to deliver value-add results at a high level to his clientele. Teri is one of the top residential real estate and mobile home investors in the Midlands area of South Carolina and brings multiple years of experience in a plethora of multifaceted real estate transactions carried out with the highest level of execution. Karo believes the key to his success has been his faith and delivering value to his community with a strong emphasis on extending kindness, compassion and exceptional service to each and every person.

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