Renting out properties has been going on for years and years and is a great way to make some money either on the side of a current job or as your main job. It isn’t easy however and being a great landlord is a big part of renting, if you are a good landlord and a prepared one then you are going to see less issues when you are renting out your properties.
There are a few things you can do to become a great and awesome landlord which you may not already know about, if you are struggling with your renting business or you are thinking of becoming a landlord then hopefully, these tips will give you an understanding of what you can do and how to get started.
Help Your Tenant to Settle In
Most of the time tenants can be new to the area so helping them settle and get adjusted to the area will help you get off on the right foot. If you want to help then you can print out guides and instructions for the local area so they have something to reference to, this can include directions to the local store and any other facilities they may be interested in. it isn’t something you have to do as a landlord but is something great landlords will do as tenants will appreciate the thought and it helps to start a good rapport.
Make Sure to Follow Your Lease Agreement
Sometimes it is inevitable that there will be an issue whether with the tenant or the property, but you have to make sure you follow all guidelines set out in the lease agreement, this will make sure nothing else gets escalated and avoid any additional problems. If you do come across something not outlined in the lease then maybe seek legal advice or do your research for the best outcome. You need to do this that way if they question anything you do then you can advise you are well within your rights and acting as outlined in a legal document they signed.
Take the Pressure off Yourself but Remain Present
A lot of landlords will opt to use a property management company, this way they do not have to deal with the tenant directly, not even collecting the rent. This is great for landlords that have multiple properties or this is not what you do solely, but you need to remain present to the tenant to make sure that you can build a rapport and they know you care. Sometimes using a property manager is good but do it half and half so you are involved in some aspect. This also helps for emergency situations you need to be reachable in case of emergency, some property management companies will not deal with stuff outside of work hours so being accessible and available is very important if that is the case.
Try to Offer Unfurnished Properties
A lot of tenants will prefer an unfurnished property as they may already own the things you have, this means they then have to store them or sell them which can put people off. To change this then make your property unfurnished or limit how many furnishings so they can bring their own, if they do have their own then try and be adaptable and remove the things they have to be stored for the next tenant, this can show that you are willing to adapt and be a good landlord.
Keep on Top of Your Responsibilities
Make sure you are keeping up with what you need to do, like electrical tests and gas checks, this will show the tenants you care and you are making an effort. This should hopefully make them want to do the same and keep up with their responsibilities too. You are also legally required in most places to do certain things for your prepperty like the ones outlined above so make sure you do so, this will stop any issues further down the line and also make sure you do not have any law suites, that is the last thing you want and to give the tenant any reason to not pay their rent.
If you are a current landlord or a new landlord and you want to know what things you can do and change to make sure you are being a great landlord to your tenants then these few tips should be able to help do just that and get your started on making some changes.