Anyone can be a landlord in Maryland, but only a few can be a successful landlord that’s because there are many things that a landlord needs to do to be succeeded in rental property business. If you are new to this business and want to be a successful new landlord in Maryland then you will have to understand the importance of both managing your rental property as well as your tenants.
The first thing that helps you to be a successful landlord is being a good tenant. Not only the property owners look for good tenants, but the tenants look for a good landlord too. Let’s see the things you will have to do to be a good and successful new landlord in Maryland.
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If you really want to be successful new landlord then keep your property well-maintained before tenants move in. paint the walls, repair the appliances, lights and fixtures before your tenants will move into the rental property. Also, keep up with the regular maintenance throughout the tenancy period so you’re your tenants will stay for longer period of time.
Find Right Tenant
Every landlord wants to have quality tenants in their rental property in Maryland. For this many also invest in the property management company so that they can help them in finding the best tenants. Good tenants never put their landlord in trouble and also follow the lease terms. Pay rent on the due date without any failure and also keep the property well-maintained. As this is the first time you are going to be a landlord try to find good tenant for your rental property. For this use both online and offline mediums to advertise your property.
Screening the tenants means ensuring you hire going to hire the best tenant for your rental property. So, for this you should do background check, which you can do by asking the tenants to fill an application form. With this you can collect their personal data which will help you to check their credit history, past eviction record, any criminal record, etc. Screen the potential tenants and hire the good tenant for your rental investment.
Make Lease Agreement
Lease or rental agreement is an important document that proves that the landlord has given the right to the tenants to occupy space in his rental unit. This needs to be made for a certain time period usually for 11 months. The agreement gives you so many rights to handle the tenant and can even evict the tenant if necessary. So, before hiring tenants you must get the lease agreement signed by the tenants and tell them to obey the terms of the lease or rental agreement.
Keep Tenants Happy
One of the best ways to be a successful landlord is to keep your tenants happy. If they will happy, they will keep your property maintained and will never make complaints. Listen to their problems and fix repairs. Respond to their calls and email, always be available to them and take immediate actions to their complaints.
You should follow these things if you want to be a successful new landlord in Maryland. But, for that you also need to know your rights as a landlord. That can help you to maintain and manage your rental property in Maryland.
Rights of A Landlord
Entry to the Rental Unit
It’s your right to enter in the rental unit for routine inspection. You have the right to check your property and also check whether or not the tenants are following the lease terms. But, you must be respectful towards the people who are already living in the unit. You must take care of their privacy before entering into the property. So, give notice of your arrival at least 24 hours before visiting the property.
Keeping Security Deposit
Of course, it’s your right to collect security deposit from the tenant before they move in to the property. But, remember that security deposit is your tenant’s property and this is just to cover any financial losses during the tenancy period. The security deposit helps to cover any damage cost or unpaid rent. You can only make a deduction if the damages are beyond normal wear and tear and your tenants are responsible for that. And the rest amount should be returned back to the tenant at the time of moving out.
Increase Rental Charges
You can increase the rent once in 12th months but for that you have to follow the rental charge increasing laws. You cannot increase rent more than some percentage of the total rental charges. Depends on different state laws you have the right to increase the rent.
If the tenant fails to pay the rent, making severe damages to the property, breaking rules, disturbing other tenants or neighbors, etc. then the landlord has the right to evict the tenant from his rental property. You have to give legal eviction notice to the tenant and then file an eviction against them. And can evict the tenant after the court’s decision.
To be a successful new landlord, you will have to be aware of all your rights being a landlord. This way you can be a good landlord for the tenants. And if you think you won’t be able to manage your rental property initially then you can opt for hiring a professional property management company in Maryland. They have trained and qualified property management team, who helps in managing the property in the right manner.