7 Ways To Be A Successful Landlord

A landlord has a big job and while it’s not an easy one, it’s one that does come with a lot of responsibility. There is always something that needs doing or someone that needs helping, and as a landlord you have to be everything to everyone to ensure all tenants are happy. Anyone can be a successful landlord if they have the right tools for the job. If you are currently in charge of several homes, then you could use a refresher on what you could be doing to be a better landlord. Here are some amazing tips to get you there:

It’s A Business. You may not be selling a product, but you are providing a home for people to live in. It’s not a hobby that you make money from, it’s something that puts a lot of responsibility on your shoulders. If you are managing more than one property, it’s worth considering help with things like utilities billing, so that you can manage more than one thing at one time. You should be as professional as possible, so that your tenants know that you are someone reliable.

Get It In Writing. Everything that you do, every conversation that you have with tenants, should be followed up in writing. Be very clear on your lease and include all the responsibilities of your tenants as well as your own.

Respect Your Tenants. You need to have a good relationship with your tenants to be able to have a good line of communication. It doesn’t matter whether you like your tenant on a personal level or not, always treats tenants with respect.

Fair Over Nice. It’s nice to be nice, but you can’t be a doormat. Be fair with your rules of the tenancy and your rent costs, but don’t do a favour just because. Your tenants should fulfil their duties to you as you would to them, so always be fair, but don’t go too far beyond that.

Don’t Wait To Repair. It’s normal for people to call their landlord for repairs to be done. It’s not fair to leave it weeks before you action those repairs. If your tenant calls you for help, answer them promptly and follow your tenancy to the letter.

Respect The Property. It’s your house. Your tenants may live in it and while they pay for it, it’s theirs to fill up, but you should respect the property that you have rented and refuse to allow it to go into disrepair.

Always Screen. Background checks and references are an essential, even if you are allowing friends to live in the house. You need to know that you home will be taken care of.

Being a landlord is a tough job, so you should ensure that you follow the tips above. You should always treat your rental as a business asset, as you are responsible for the condition of the house and the security of the tenants that you lease to.

 

7 Ways To Be A Successful Landlord

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