Working as a landlord is an interesting career path, because it’s rare that you interview for the position. For the most part you will own property and wish to rent it, and property can come into your ownership through a wide array of methods. That being said, just because being a landlord is aking to starting your own business (and for some it may be just that), that doesn’t mean you are free from restrictions or working within an operational framework.
In fact, it’s likely that you have even more regulations to work within. It’s not easy for landlords to manage and make money from their properties, which is completely contrary to the idea that seems to be circulating of them having an easy ride. That being said, making your life as a landlord easier can certainly be welcome, particularly if you have plenty of properties and tenants to manage.
But how can you use these techniques, and more importantly, how can you sustainably ensure they help you? It’s worth considering this. With the following advice, you’ll understand how.
It’s essential to vet your tenants. Perhaps you’re happy if they have bad credit as long as they pay a certain amount of months up front. Maybe you’re not too worried about those who bring their pets in. However, it can be important to understand what’s important to you, and vet for that. Do they have prior violent convictions or drug offenses? Do they have references from apartments they’ve let in the past? Are they telling the truth about the job they hold? You can often ask for proof of these and this will help you avoid letting in untrustworthy tenants.
Use Compliance Services
Use compliance services in the best possible manner. They will help you align yourself with government regulations and ensure everything is above board. LODGINGRevs is perhaps one of the most worthwhile brands to use, as it offers a complete framework for working alongside your regulations. This approach helps you view this process as less of a burden, and more something you willfully take part in to ensure you’re living up to city code and developing legitimately as a result. That can be a great idea to consider.
Organize Maintenance Well
It’s often quite essential to manage the maintenance of your properties, depending on how your contracts are structured. This means working with services that are on-call 24/7, especially if you’re on vacation or are otherwise occupied. It also means setting up worthwhile correspondence measures, even if that’s just a business email for maintenance requests, to help you understand what needs resolving and when. Also, make it clear what certain people in your letting are responsible for. It might be that replacing lightbulbs is their responsibility, as is cleaning and dealing with trash buildups outside. Maintenance should be clear and well structured, for the best possible returns.
With this advice, you’re sure to make your life as a landlord much easier from start to finish.