Anyone can buy a rental property and find tenants for a solid, monthly income. But if you really want your business to flourish, being a great landlord is paramount to your success. Here are some tips on how you can be a great landlord:
- Build a good tenant/landlord relationship: You don’t have to be their best friend, but make sure your tenants know you’re there for them in case they need you, and show them you care about your property. When your tenants know they can trust you, they will be more likely to pay the rent on time.
- Customize your lease: Having everything in writing will help prevent miscommunications later on. Be clear about pets (even size of pets), decorating (can they paint the walls?) and anything else you want to clearly define.
- Know your rights and responsibilities: And the obligations of your tenants. The laws are clear when it comes to a landlord’s responsibilities and rights. You need to know them, as well as the rights and responsibilities of your tenants. Laws vary from state to state, so make sure you do your research in accordance with your state’s laws. Your tenants will do their homework before moving in – and so should you.
- Fix what needs fixing right away: When your tenant calls you to report a problem (as minor as it may seem to you) investigate the issue as soon as possible. Large problems, such as plumbing, roof leaks, heating, etc. need to be dealt with right away. Let your tenants know that you are not an absentee landlord.
- Listen to your tenants: It’s true that some tenants like to complain about every little thing, and it may seem that you are getting called every day for some reason or another. If you tend to your tenant’s concerns, though, they will be less likely to call you for petty issues. Think of this as a test – they want to know you’ll be there, and you have to prove your worth as a great landlord.
- Hire a property management company: Murphy’s Law guarantees that the furnace will break down at 2:00 a.m. on the coldest of winter’s nights; and the roof will start leaking when a torrential rainstorm hits – when you hire a property management company to deal with emergencies, you won’t get those calls at 2:00 a.m. A management company can handle all of your tenant’s needs as well as provide regular maintenance on the property including landscaping, and even collecting rent directly. A management company also allows you to invest in properties that may not be local to where you live – a great way to diversify your portfolio.
Investing in rental property can be an ideal way to save for retirement, gain extra steady income and give you the freedom to quit the rat race. Don’t let the allure of a steady monthly income overshadow your responsibility to provide a comfortable and safe environment for your tenants. You’ll have peace of mind knowing that you have tenants who appreciate you. Happy tenants are paying tenants!
Benefit National can handle all of your property management needs. Visit the website for more information.