For many individuals who have ventured into investment real estate, the potential rewards can be great. However, there are considerable risks and a lot of responsibility that comes with being responsible for real estate property and tenants.
Everything that’s worth having is worth working for, so don’t let additional responsibility take you out of the running if this type of investment is feasible for you.
Follow these 5 tips, and be the best landlord your tenants ever had!
1) Remain Business Professional
If you own rental properties, then you have a business. Treating your property as such is a must in order to maintain order and professionalism. Like with any business, if the boss isn’t taking his/her job seriously, then the business will be hard pressed to be successful and profitable.
2) Screen Your Potential Tenants
This needs to be done in a professional, legal manner in order to avoid discrimination. The typical requirements you should look for when screening are stable income, felonies on criminal records, recent evictions and positive references.
3) Respect is a Must
Finding a good tenant is important, but being a good landlord to a tenant is equally important; since this is your business, a tenant is your customer. Make sure to treat everyone with the proper respect and dignity they deserve.
4) Don’t Be Taken Advantage of
Respect is key on your end as well as your tenants. They must respect the rules and regulations you put in place when they signed their lease. There’s nothing wrong with being understanding and compassionate, but once you allow your tenants to break rules, it will become an expectation.
5) Stay On Top of Maintenance
Unless previously specified, if there is a repair needed, it is your responsibility as the landlord to make sure arrangements are made to fix the issue in a timely manner. This is especially if it puts your tenants at risk.
At the end of the day, having a successful business and happy tenants depends on you being a great landlord. Make sure to follow these steps and always be open to learning new things and listening to feedback!