Anyone can be a landlord, but knowing how to be a successful landlord is what matters. You need to be a successful landlord in order to keep tenants on a regular basis. Here are seven tips on being a successful landlord:
Be available to handle repairs when needed.
If you are available when needed to fix repairs then it implies to the tenants that you care. Tenants don’t want to have to nag a landlord to constantly have a toilet issue or heat issue fixed. Future tenants can tell when a place has been neglected by not being taken care of enough.
Don’t be a cheapskate.
Yes, don’t be a cheapskate on putting appliances in the rental units. Tenants don’t appreciate paying thousands of dollars to move into places only to have the appliances break or fall apart easy. Make sure to have nice appliances in your rental units since you won’t have to replace them as often.
Always give tenants privacy.
Tenants don’t like landlords who are nosey or drop by all the time. Don’t bother your tenants on a regular basis. Don’t go walking into their place unannounced. Please notify your tenants in advance if you are going to stop by.
Make sure to do inspections on a regular basis.
Let them know upfront that you do inspections on your rental units. This will give them the impression that you care about your rental units. Basically, explain to them that you want to make sure that every tenant is taking care of the rental unit properly without any damages being done. This will make them feel better. Tell your tenants how often you do inspections on your rental units.
Don’t threaten to have any visitors vehicles towed.
It may sound weird, but there are some landlords out there who always threaten to have any visitors vehicles towed. It is a hassle and creates problems when a landlord is nosey like that. It will cause most tenants to move out quickly if a landlord threatens to have vehicles towed.
Have a good contract that isn’t complicated.
It is a good idea to have a simple contract with your tenants. In order to be a successful landlord, please don’t have many rules. Please don’t have a five mile long contract. Just make sure to keep it short and to the point on the contract with an outline of everything.
Always check any tenant’s references on an application.
You need to check the references to make sure that they are legit. You need to make sure that you have good references on the person. This implies that you know how to be a successful in business by being a successful landlord.