Being a landlord is not easy and being a successful landlord is even more difficult, but when you have the right formula in the palm of your hand, you’ll be able to pull it off. Read on to find out what you need to do to be a successful landed today.
Keep maintenance in check
Maintenance is often the biggest complaint that tenants have for their landlord. You can make your life easier by taking the necessary steps to make sure your property meets all the safety standards from drainage to electrical issues.
Give fair warning when you need to raise the rent
It is important to not simply dump a higher rent on your tenants. Warn them ahead of time and even though it is your property to do with as you please, it is only polite to offer a bit of explanation. You don’t want to be the landlord who gives their tenant no choice but to leave the property.
Rental property comes with certain risks and not all of these will be covered under your home insurance policy. You can get the right amount of protection you need with reliable landlord insurance, ensuring that you don’t lose money when unexpected events occur.
Keep yourself reachable
It is important that you are reachable and available whenever you are needed. That does not mean you have to pop in every few days, but it is important that your tenants have your email address and your phone number.
Avoid being a cheap fixer
When you need to fix issues with your property, avoid fixing them using the cheapest options on the market. Instead, go for the best value if you don’t want your reputation to be tarnished. It might be annoying to have to spend anything on repairs, but when you use good value materials, it will end up being cheaper for you in the long run.
Avoid being a nuisance
Your tenant may live on your property but they paid for it and it is important that you give them their space. You must give at least 24 hours’ notice before visiting the property for a review. This is important to fostering a healthy relationship between you and your tenants, making it more likely for them to stick around. Nobody likes feeling that they are being watched all the time.
Meet your tenants
It may sound weird to suggest that you meet the tenants occupying your property because chances are you already met them. However, what is meant is that you take the time to meet them personally. It doesn’t hurt to talk to them about any outstanding issues and how they like living in your apartment. The information you gather may be very vital to helping you decide what kind of tenants you should target in the future.
Of course, you cannot learn to be a successful landlord in a few minutes but these points are a good place to start.