Being a landlord is for many a tedious job and one that people aren’t keen on doing. However, managing a rental unit does not have to be so bad, if you know what you’re doing. It can be a great source of income and a way for you to meet new people. To learn how to be a good landlord, and have good tenants, keep reading these 5 tips for landlord heaven!
Treat landlording like a business
If you want to be taken seriously, and rent out units as a job, you need to treat it like a job. It is not just a hobby that will make you money through time. For landlording to turn into a profitable business, you need to create a ‘machine’ that runs smoothly. Another tip is to continuously improve your business, to minimize expenses.
You need to remember that you are working with people and that the only way for you to be successful is to be firm - fair, but firm - and not be overly empathic. There are rules and laws that both you and your tenant need to obey, and if you need help with understanding those rules, contact someone who can explain them to you.
Before and after
One of the biggest things you can do for your tenants is to get a cleaning service to regularly maintain the space. That way, you can be absolutely sure that space is being properly maintained by professionals, and the tenants are not ruining your new oven with the wrong kind of cleaning products. Plus, your tenants will love you for giving them a chance to escape the daily housekeeping.
Also, before the new tenants move in, space must be cleaned to perfection. This end of lease cleaning services you arrange with the previous tenants, whether they want to hire someone and get their deposit back or use that deposit to, once again, be free of the cleaning duties. This deep clean differs from the weekly cleaning and costs more, but you will be surprised how much of a difference in your space a deep clean can make. And, your new tenants will love the fact that they are entering a spotless unit.
Nowadays, everything is online - and so should you! Get online, advertise your unit, and be smart about it. Great tenants are not just waiting for you to become their landlord, you need to find them. Ask yourself which group of people you want to advertise for, and choose the means accordingly.
For young singles and couples, use social media, for families, social media and advertising sites, and for older generations, the best way to advertise is in the newspapers. Choose carefully which social media, advertising site and newspaper you want to put your ad in because not everyone will attract the same potential tenant.
Carefully consider all applicants
Before even getting into contact with your potential future tenants, you need to decide if they are even worth the time. Many people will reach out, and it is your job to eliminate duds, and only meet with the people who instil confidence. This process begins after your ad gets a life, and will last until you pick a tenant.
What you need to do is set minimum qualifications that will turn away people who know they won’t qualify. When the potential tenant goes to fill out the application, your job is to run a screening looking at their criminal and credit history, rental history and income stability. That way, you can make sure to put your unit into the hands of someone who is qualified.
Handle problems like a boss
So, you chose a great tenant. However, they will not be perfect. They will pay their rent late, fight with neighbours, break their lease, complain, make demands… Also, they will break things, or things will break due to their age. Your job is to solve all the problems calmly, carefully and effectively. Being well-connected with contractors is a huge part of being a landlord.
It can and will be frustrating at first until you find good, reliable contractors who will get the job done quickly and accordingly. If you succeed in successfully managing your tenants, their wishes and needs, the worth of your unit, and the contractors, you will soon live in landlord’s heaven!
Now that you know what landlording is all about, we hope that these tips helped you learn a few new things to help keep you on track!