Property owners in Ohio can make a good income by renting or leasing homes in their communities. Those new to this business are often unprepared for the work it requires to be successful. Not knowing enough about the industry can also put your rights as a landlord at risk.
The good news is becoming a successful landlord is not that hard when you prepare yourself. As it is in many other aspects of business, good preparation can help you avoid many of the challenges associated with leasing or renting your property to others.
Suggestions for success
As a new landlord, you want to do everything you can to avoid hardships for yourself and your tenants. Following the suggestions below can help you with this goal:
- Learn about the state’s landlord-tenant laws. Taking this step alone can prevent you from unintentionally infringing on your tenants’ rights. It can also help you protect and exercise your rights.
- Learn how to avoid unintentionally discriminating against tenants. Studying the nation’s Fair Housing Act can help you learn how to treat your tenants.
- Create a rental application for new tenants. With this document, you can learn a lot about prospective tenants, which can help you determine if they are a good fit for your available residences.
- Create an airtight rental agreement. For new landlords, this is a challenging task as they lack the experience to understand what provisions to include. For best results, consider having a real estate attorney help you draft your agreements.
- Stay businesslike in your dealings with tenants. In most situations, it is wise to avoid personal entanglements between you and your renters. Becoming too friendly can complicate matters if you need to remove a tenant from your property in the future.
As you can see, it is not hard to succeed as a landlord when you know the law and understand how to manage your tenants. As your experience grows, you may discover that your success grows, too.