Are you interested in becoming a landlord?
Becoming a landlord is a unique opportunity to build wealth and feel a degree of financial security. But it comes with plenty of extra obligations and responsibilities. If you’re not prepared, it can be a difficult experience as a landlord.
High turnover rates mean that every year opportunities open up for new landlords. If you’re considering moving up to the next level of wealth-making, read on for a quick guide on how to be a good landlord.
1. Be Professional and Organized
As a good landlord, it is important to be professional and organized to maximize tenant satisfaction. First, screen all potential tenants by verifying employment and financial stability and running a background check.
Create an official written lease that spells out expectations and review it with tenants upon move-in. If you need help with letting homes to students or other types of tenants then it would be a good idea to contact a professional before you start. Make a detailed system for tracking rent payments, like automatic payments or money orders, and document everything in a ledger or through an app or software.
2. Keep Lines of Communication Open
Keep an open-door policy for tenants to come to you with questions or concerns, and make sure to discuss them quickly and thoughtfully. Be available for a check-in phone call or visit at least once a month or as needed, so all parties stay in sync. Respect the tenant’s privacy and ensure that any personal information they have shared with you is kept confidential.
3. Take Care of Any Maintenance
As a landlord, it is best to respond to any maintenance requests from tenants. This could include fixing leaking pipes, replacing old appliances, and repairing damage caused by tenants. It can be a good idea to set up preventative maintenance agreements with local contractors for that the property is being taken care of.
4. Be Fair and Consistent With Your Rules and Policies
Fair and consistent rules and policies are key to being a successful landlord. Enforce all rules and regulations in a consistent and nonbiased way for all your tenants equally. Make sure your tenants are aware of the consequences of falling short of the required standards and adhere to them.
Never discriminate when it comes to who you do business with. Be accommodating to any requests for changes to the lease, but make sure that your stance remains firm.
5. Be Familiar With Local Tenants and Landlord Laws
The best way to handle situations when a tenant won’t pay rent is to be familiar with your local tenant and landlord laws. Start by doing research on your state’s administrative code or housing laws and familiarize yourself with any applicable laws.
Reach out to your tenants and let them know what is due and when it should be paid. Follow up with a written notice to the tenant that specifies the outstanding balance, the due date of payment, and potential consequences if payment is not received. Give your tenants a reasonable amount of time to pay before being evicted.
Learn How to Be a Good Landlord
After knowing how to be a good landlord, don’t forget that it is still up to you! Stay on the right path, make sure to be available, be clear on communication, and take action if a problem arises.
If you strive to be a reliable, respectful, and trusting landlord, you will be on the path to success. Take note of these tips and assess yourself today to know how you will make yourself a good landlord!
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