Tips To Be A Successful Landlord

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Tips To Be A Successful Landlord

Contrary to what others believe, being a landlord is not as easy as pie. Being a landlord comes with its own set of setbacks and struggles.

Indeed, it can be a great challenge. However, in able to be a successful landlord, one must rise to the challenge – challenges. 

To be the best landlord you can be, it takes time and a lot of patience. Here are some tips in able to do just that:

Be Smart

As a landlord, you have to be smart. Not in general, but be smart when it comes to collecting rent money. If you live far away from your properties, collecting rent can be a hassle. Going from one place to another in able to collect rent is inefficient, and a waste of time and money. Instead, set up electronic payments. Make an agreement with your tenant that the rent fee should automatically be transferred from their bank to yours when it is due.

Educate yourself

As we’ve established, being a landlord is not easy. Let alone being a successful one. In able to be a success in this business, you have to educate yourself about how the system works.

Stick to your policy

The key to keeping your tenants in check is creating a policy. Whatever that policy is, put it in writing and make sure you and your tenant agree to it. Once the policy has been established, stick to it. It makes for an easier connection with your tenant.

Give your tenants a quality home

A secured and clean property is more than enough for most tenants. If you give them a quality property in which they can feel at home, there is a very good chance you will have them as tenants for a long time.

Set strict office hours

Unless you want to be bombarded with phone calls in the middle of the night and early in the morning, set strict office hours. Let your tenants know that there are only specific office hours when they can call you. If it is an emergency, then make an exception. Otherwise, let it be known that you are sticking to your hours.

Think about charging late fees

Collecting rent is not easy. Which is why tip #1 above is very important. It is also a great idea to charge late fees. This will prevent your tenants from paying their rent late.

Get insured

Insurance is one of the most important things in life. It will give you a sense of security at all times.

Remember, you are not the owner.

Confused?  Yes, you are the owner of the property you’re letting. However, one key to keeping your relationship with your tenants healthy is by not letting them know that you are the owner. Instead, tell them you are the property manager. For instance, whenever you receive an odd request from your tenants, you can tell them that you’ll “let the owner know about it.” And if you’re not a huge fan of their request, you can easily let them know that the “owner” said no to their request.

Do you have more tips for your fellow landlord? Let us know in the comments below!