Wondering how to be a successful landlord, here are a few tips that can help!
Take your business seriously
Tenants will not take you seriously if you do not take yourself and what you do seriously. Too many landlords treat renting out their property as if it is a hobby. To be a successful landlord you must treat renting out your property like a business. You have made an investment and you continue to spend money to service it through either advertising the rental to get tenants; insurance; repairs, etc. Operating procedures and accounting systems should be set to organize income and expenses and to keep track of things such as cost of repairs, date of repairs/renovations, etc.
A successful landlord always uses a rental application. Do NOT allow someone to walk off the street and allow them to occupy your property. Request references, employment information and past landlord contact in order to weed out the obvious problem tenants. This is not fool proof at getting a good tenant but it will help increase your chances.
Put things in writing
Make sure you draw up a lease. All terms, especially those important to you, such as subletting, keeping pets, etc. must be written and signed by the tenant to ensure that all parties understand what is expected.
Your tenants need to be happy with where they live, and be equally happy to pay the rent for it. Be quick to investigate any report of damage or need for repairs. Insist that this is done promptly. Making repairs does not only make your tenant happy to pay you rent but it keeps your property in a better condition.
Respect your tenants’ privacy
How would you feel if your privacy was disrespected? Always give notice when you need to enter the rental. The tenant is paying for peaceful enjoyment of your rental. At least 24 hours notice should be provided to the tenant.
What do you think of this advice? What are you doing as a landlord to ensure success in your business? Share them in the comment box below!