The real estate market of Columbia, SC is growing extremely fast. Thousands of commercial and residential real estate properties are sold and rented on a yearly basis. Most people, however, fail to realize that the real estate market is much more than just real estate brokers helping people buy and sell properties.
Tenancy is an aspect of real estate which is not discussed enough. This is exactly why most landlords and tenants are unsure about their roles and responsibilities. Since being a landlord is extremely demanding, we have compiled a list of things to keep in mind to help you become a successful landlord.
Know your tenants
Knowing your tenants personally is a guaranteed way of retaining them. Taking the time out to meet your tenants personally and finding out all about them does not only ensure that you will have a good relationship with them, but it is also a great way of finding out how they like you as a landlord.
Often, tenants are intimidated by their landlords and are desperate for a place to live, which is why they do not complain much about the problems or concerns which they have. Generally, tenants are of the opinion that they will be left without a place to stay if their landlord is not happy with them, which is why they do not raise their voice about any problems. It should, however, be noted that these are the same tenants who will leave your house without a second thought if they find another rental property.
To ensure that your tenants stay with you for long, it is essential for you to know your tenants on a personal level and to ask them about any positive or negative feedback which they might have. Once you understand the needs and wants of your tenants, it is crucial to attend to them at your earliest to ensure that your tenants are not dissatisfied with their living conditions.
Perform a background check of all potential tenants
The importance of performing a proper and thorough background check before you allow any tenants to rent your house cannot be emphasized enough. Skipping the background check before handing the house keys over to any tenants can prove to be detrimental. This is why it is extremely important to know the person who you are willing to rent to.
Before you allow anyone to rent your house, there are a few things which need to be checked. You should have a clear picture of the financial situation of the potential tenant to guarantee that they will able to pay the rent. Additionally, it is crucial for you to know whether your potential tenants have ever been involved in any crimes.
Another thing which should be taken into consideration before you allow new tenants into your house is their employment and rental history. If a tenant has a history of changing houses every few months, it is very likely that they will not stay in your house for long. Additionally, if the person who wishes to rent your house has a history of unemployment, you need to ensure that they have some source of regular income so that they will be able to pay the rent.
To learn more about real estate and tenancy in Columbia, SC, head over to I Sell This Town.