You probably want to become a landlord one day (if you aren’t already one). The thought of earning a significant income on the side through the rented property is attractive to most people. But it is one thing to be a property owner, and quite another to be a successful one.
Whether you intend to own residential spaces or office blocks, there are steps you can take to make your investment in real estate yield positive results for you. We’ll discuss them below.
Screen Potential Tenants
Some tenants will be orderly and respectful. Others will be unruly and confrontational. The latter kind will fail to pay rent when it’s due and have quarrels with their neighbours—things you don’t want from a renter.
You can prevent such people from occupying your property by screening people before giving them a living or workspace. Only accept residents who are humane and demonstrate an understanding of their responsibility as tenants.
Be Knowledgeable About Relevant Laws
Have a grasp of laws that apply to the landlord-tenant relationship and other aspects of real estate. This will help you to avoid falling afoul of them. There’s always a chance that tenants who are displeased with you will sue you. If you’re on the right side of the law, you’ll stand a good chance of being absolved of any wrongdoing by the courts.
Work With A Tenancy Agreement
Besides screening would-be renters, you should have them sign a tenancy agreement with you. Ideally, this document will contain the tenant’s identity, address of the property in question, the value of the rent (in monetary terms), other fees, and the obligations of the landlord and tenants.
When both parties are involved in signing the agreement, they become bound by its stipulations. With the contract signed, you can enforce its details, and be in the right if a dispute related to it arises.
Stay On Top Of Market Trends
It’s important that you know what the current rates are for the kind of property you own. This knowledge allows you to not undercharge or overcharge your tenants. Also, keep tabs on other market trends that may directly or indirectly affect your business as a landlord, including inflation and security issues. These could have an impact on how you manage, rent out, and charge for spaces in your buildings.
Hire A Property Manager
You may struggle to properly attend to your property, especially if you have a day job or other obligations. If you can’t juggle these responsibilities, you can hire a property manager to take care of your real estate holdings.
Only settle for a manager who knows how to engage tenants and arrange for property maintenance and repairs when due. Learn more in our article, How to Find a Trustworthy Property Manager for Your Property.
Be Firm And Fair
You will need to straddle the line between being empathetic and strict. By all means, try to understand your renters’ concerns, and be patient with them when you have to. But don’t go so overboard with this that they begin to disrespect you. Be firm and dignified in your engagement with them.
There’s a lot that goes into being a successful landlord. To achieve this, you must be willing to screen potential tenants, interact with them based on preset rules, and keep tabs on market trends. You may also want to outsource the maintenance of your property to a trustworthy party. Doing these things will enable you to reap decent returns from your real estate holdings.Featured Image Source: msfb
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