Being a landlord is hard work. However, it can be worth it. To make it worth it, you want to be sure to put yourself in the best position possible while still offering quality facilities. Here are some tips for being a smart landlord.
- Be available
It’s important to make yourself available to your tenants in the case of an emergency. Keep your cellphone on you at all times and be close enough to handle any problems. If that’s not possible, you may need to hire someone to manage the building in your absence. Tenants can be quite needy, so be ready to answer calls at odd hours about being locked out, flooding, or pests.
- Be organized
It’s important to be and stay organized. Disorganization can lead to financial troubles in the future. Keep detailed records of all repairs and expenses. You should also keep detailed records of your tenants. This includes leases and all background information. It’s also a good idea to back up all important information on your computer and take pictures of conditions.
- Be prepared
You need to have a team ready in the case of any emergencies. Have repairmen for every situation, a lawyer, and backup finances for any unforeseen expenses. Maintaining a building can be unpredictable at times, and you need to be able to handle whatever happens when it happens.
- Screen your tenants
Not screening your tenants can be an expensive mistake. Take the time to check their credit score, complete a background check, and verify employment. It’s also a good idea to meet the tenants first to ensure that you get along. When you get along with your tenants, it can make the business easier. Of course, you always want to maintain a professional relationship. You should also maintain semi-regular contact with your tenants.
- Establish clear rules
Pets, children, guests, and certain behavior can cost you money. Therefore, you need to make decisions on what you will and will not allow on your property. Make clear rules and clear consequences for breaking the rules. Enforce these rules.
Becoming a landlord is a promising career. Of course, it’s best to protect yourself and your property while also providing a great living environment that will make everyone want to move in.