As of 2019, approximately 44.2 million households in the United States rented their homes. This large number suggests respective landlords are managing these homes. 

Many people are interested in becoming landlords but are unaware of how to maintain the homes and tenants properly. 

Knowing how to navigate a rental home will ensure your investment is successful and your tenants are happy throughout the year. 

Continue reading for tips on being a landlord when you have homes for rent! 

Regular Inspections

Having a home for rent is a massive responsibility. Most landlords want to keep their properties in good condition and make sure their tenants take care of the home. However, some renters fail to maintain the home as they should. 

Therefore, it's your job to conduct regular inspections. An inspection every couple of months will help you see how your tenants are treating the home and ensure there are no significant issues. However, you could scare off renters if you do inspections too often.

Regular inspections will also help you maintain the home for your renters. You will be able to upkeep the house and make any necessary repairs. Your renters will be appreciative, as they can live in a well-kept home. 

Screen Tenants

Renting a home is a financial investment as it is in place to make you money each month. Usually, landlords want to protect this investment to ensure its profit for the foreseeable future. 

The best way to protect this investment is to screen tenants. This will help you choose reliable renters who responsibly care for your property. Trustworthy renters usually tend to the home and pay their rent on time each month. 

Start by creating a rental application with basic questions about their employment, rental history, and references. You can also conduct a background and credit check to get more information on the renters. 

Fair Rent Price

Rent prices vary depending on location and property size. You must ask for a fair rent price based on these aspects to attract renters. 

Asking too high of a price will cause renters to be disinterested quickly. Remember, no one wants to pay too much for a home they do not own. 

On the other hand, asking too low of a price could attract irresponsible renters. These tenants could potentially take advantage of the price and neglect the property. 

Landlord Insurance 

Most homes for rent in Salt Lake City are higher-end and well-maintained. You must carry landlord insurance to make sure its quality is kept throughout its rental. 

Landlord insurance will protect your property from damages, accidents, or loss of income. Consult an insurance provider to find the best policy for your situation. You should be able to find insurance to cover each concern you may have when renting your home. 

Homes for Rent in Salt Lake City 

These tips will come in handy once you have homes for rent in Salt Lake City. Remember always to conduct regular inspections and maintain the property for your tenants. 

Don't forget to visit our site for any of your property management needs. We will take the best care of you here at Maxfield Property Management!