Being a landlord isn’t as easy of a job as you might assume. In fact, it takes a lot of careful attention to detail and constant hard work. The following tips are going to help you improve as a landlord, so you can be more successful with your career or side hobby.
It’s important always to continue trying to get better at what you’re doing so you can fill more properties with reliable tenants and make more money. Having a passion for the business and the right knowledge will help you find your niche in the marketplace and ultimately achieve more in the long run.
Do Your Homework
You can be a more successful landlord when you take time to do your homework before you invest in just any kind of property. Think about where you want to own and why and how many properties you might be able to handle at once. Also, make sure you have the required background and licenses before you start even considering purchasing and managing various properties. Understand and follow the laws so you don’t find yourself in a sticky situation that you can’t talk your way out of. Get a good understanding of the position and responsibilities to help you determine if it’s the path you want to go down.
Expand Your Offerings
You don’t have to limit yourself to properties that are in your surrounding area, so take a chance and be adventurous. There may be opportunities you’re missing out on elsewhere such as in other locations that aren’t as familiar to you. For instance, take the time to scope out an off plan property in Egypt so you can be one of the first to snag new property developments that are going up. It’s also a good excuse to travel to exotic destinations yourself and make a holiday of it while you’re there for business. Get comfortable thinking outside the box and being willing to explore options that are different but may offer a good return for your money.
Vet Your Tenants
You’ll be a lot more successful at your job as a landlord when you carefully vet each and every tenant who you’re thinking about working with. Go through the proper background checks, speak with them in person and ask the right questions. You want to gather as much information as possible initially, so you don’t choose renters who are going to cause you a lot of headaches. This is one area where you don’t want to cut corners, or you may regret your decision to do so later on. What’s most important is that you’re proactive and aren’t feeling any hesitations when it’s time for your new tenants to sign the lease.
Check in with Your Properties & Tenants
It’s not a wise idea to rent out a bunch of different properties and then completely check out and forget all about them. To be a more successful landlord, you want your tenants to know that you’re monitoring your properties and how well they’re caring for them closely. Don’t be afraid to schedule a periodic check in with your tenants so you can make sure all is in order and that they’re not causing your properties any damage. Keep in mind that you’re going to want to dedicate extra time, money and resources to being a landlord and that it’s a responsibility that will require you’re constant attention.
Be Responsive
Another tip to help you become a more successful landlord is to be as responsive as possible. For instance, if your tenants need you to make a repair then it’s in your best interest to take care of it right away and not let problems pile up. The more in touch you are with your tenants, the more likely your relationship is to be smooth and not involve a lot of extra hassle. Show that you care and if you don’t have the answers they’re looking for right away then take the time to research them and problem-solve so you can proceed accordingly. Also, keep copies and records of all you do so you can prove your side of the story if you ever find that you have to defend yourself on a certain matter.
Act Professional
Treat being a landlord like a business and act and be professional in all of your encounters. Give respect to others, and it’s likely you’ll get it back in return. Make sure you look presentable when meeting with other parties and that you’re polite, courteous and come across as well-knowledgeable. The more lax you are about being a landlord, the more likely it is that you’ll run into problems and cause yourself unnecessary stress. Remember to give your tenants a warm welcome and to treat them as renters and not as your friends. Be consistent and dependable, and you should have a better experience in your role as landlord.
Practice Open & Clear Communication
You’re going to be communicating with a lot of different people between buying properties and renting them out. It’s important to practice open and clear communication with all those you interact with on a daily basis. Let people know how they can contact you and give them multiple outlets to reach you such as over email or by calling you on the phone. Create an online profile and offer online services to help you grow your business and become more successful as well. Address any issues that arise immediately so they don’t grow into larger complications that will be more difficult to manage down the road.
Conclusion
If you’ve tried being a landlord in the past and it hasn’t worked out the way you had hoped, you may want to give it another try after having read these tips. It’s possible to be more successful in your role with the right tools, approach and mindset in place. Learn from your previous mistakes and be willing to go above and beyond the next chance you get to see if this is truly the right fit for you.
