5 Important Steps Not To Forget After Locking In Your Rental Tenant (With Extra Credit)

I finally did it!  I found a tenant!  Now good times are here!  I can just sit back and spend the rent money.  Oh yeah!

(Landlord reaction after placing a tenant into her rental home)

It is a good feeling getting your rental home filled!  The house preparation, the marketing, the showings, the rental screening, the deposit collection… it’s exhausting, but usually means that you are in the clear from doing it again for at least a year.  That’s something to celebrate!

Great tenant placement is about 75% of the heavy lifting good property managers do.  Getting past this hurdle is a great accomplishment!  If high standards were kept throughout the screening process, a fruitful, peaceful tenancy is extremely likely.

But after the bubbly has been consumed, the noise makers silenced, and the euphoric feelings have subsided, a question sometimes starts to gnaw at your innards:

What have I forgotten to do?

This is a perfectly normal reaction.  And, fortunately, it has a very easy answer.  Here are 5 important steps not to forget after you’ve locked in your rental tenant (with ways to earn extra credit):

1.  Make sure the new tenants know where, to whom, and when to send the rent checks.  Priority #1!!

Extra Credit: Send a reminder 7-10 days prior to the due date every month (I like e-mail).

2.  Call your insurance company and let them know you need to change your policy from a home owner to a landlord.  I haven’t seen any price changes personally from doing this.  Extra Credit: Make sure your tenant has a renter’s insurance policy.

3.  Make sure all utilities are scheduled for shut off when the tenant moves in. 

Extra Credit: Allow 3-5 days after the tenant’s move-in date to schedule the shut-off.  It’s tough to live without utilities and moving time is busy.  It’s perfectly decent to be thoughtful!

4.  Cut off the lawn service after the tenant moves in.

Extra Credit: Have the lawn mowed the day before tenant move-in.  It’s a nice gesture and sets a precedent on how the lawn should be kept.

5.  Exhale and put your feet up!  You’ve done it!  Never miss an opportunity to celebrate!

Extra Credit: Head to your nearest Caribbean island ASAP.

    

Brett Furniss is the head property manager of BDF Realty (Charlotte Residential Property Management), the trusted real estate advisor for Charlotte landlords & Home of $100 Flat Fee Property Management.   BDF Realty utilizes their innovative Pod System for exceptional customer service in residential property management, home repairs, and home sales for single-family homes, condos, and town homes in the Charlotte-Metro Area.  Contact Us Today!