With the rapid increase in New Orleans rents, it’s worth taking the time to do it right as a landlord to protect your interests in your investment property.
5 New Orleans Landlord Tips
- Property management should be at the top of your priority list at all times. Be sure all maintenance has been completed before leasing the property. It makes it easier to find good tenants when your property is in great condition. We’ve certainly seen potential renters pass on a place because they were concerned that promised repairs or improvements wouldn’t actually be completed before they move in.
- Don’t skimp on photos just because it’s a rental. The better the photos you use in advertising your rental, the more qualified applicants you’ll have to choose from. Show your space off! Letting people know what you’re offering will help minimize the number of times you have to answer the same questions over and over again.
- Have a screening process in place to verify income, get credit and background checks, and previous landlord references, but don’t violate fair housing laws. We get it. You want great tenants. But even if you’re leasing on your own, fair housing laws apply to you. Yes, you.
- Update your lease to include any changes necessary to protect yourself, including any behaviors that result in eviction of a tenant. If it’s not in writing, it’s not enforceable. Don’t want cars parked on the lawn? Aluminum foil in the windows? Pets? Spell it out in plain English as a part of your written lease. For any disputes or escalating conflicts, it is recommended to seek legal advice from a landlord tenant attorney.
- Establish a bank account to track expenses and income from the property. While we don’t provide tax advice, it’s always a good accounting procedure to keep income property funds in a separate account that details all income and expenses. Believe us, your accountant will thank you come tax time.