If you are just getting started as a landlord renting out your property in Phoenix, AZ, there are a few things you’ll need to prepare for as you begin the process of managing your property.
The three most important things to look at while screening a tenant are income, background, and residential history. Make sure applicants earn enough to pay rent every month. For most property managers, a tenant needs to earn at least three times the monthly rent to be approved for a property. Then, look at the previous two years when you’re doing background and credit checks. Find out what bills are getting paid and whether they are late on anything like utilities or cell phone payments. You want to see a pattern that would indicate the tenants will take paying rent seriously. Talk to any landlords that the applicant has had over the last two years. Find out if the tenants maintained the property and made reliable rent payments.
You’ll need to decide whether you’re going to allow pets in your rental property. A large majority of qualified tenants are going to have a pet, so while you might want to protect your property from the potential for pet damage, you don’t want to face a long vacancy period. Be selective about the pets you’ll accept and ask the tenants for a non-refundable deposit. You can place restrictions on breeds, size, and the number of animals you’ll accept. Pet owners are often long term tenants, so be open to the possibility of pets in your rental home. Just make sure you protect yourself with a strong pet policy.
Repairs and Maintenance
Your lease needs to indicate who is responsible for which items when it comes to maintenance and repairs. According to Arizona law, landlords must take care of heating and cooling, plumbing, and do everything necessary to make the property safe and habitable for tenants. It’s your property, so you should take care of any major systems and repairs that are necessary. Smaller everyday maintenance items can be tenant responsibilities, but you don’t want to hold them responsible for things that they don’t have the knowledge or resources to take care of. You don’t need the tenants calling you every time the toilet gets clogged, and you want to instill some independence. Just make sure your tenants understand your expectations and requirements.
These are some of the first things you need to think about when you’re a new landlord in Phoenix. Working with a professional property manager can make the process a lot easier, and keep both you and your property protected. If you have any questions about your rental property and getting started, contact HomeQwik.