You bought a great place to live, and you want to help out the community by renting it. This is a very noble cause, but, as with anything else, there’s more than just one way to do something right.
Here are seven tips on how to be a great landlord that will help you get started:
1. Screen your tenants
Before you rent out your house, apartment or condo, you need to make sure that whoever is going to live there is a good fit for the neighbourhood and the place itself. A written rental agreement will ensure both parties know what they’re responsible for when it comes to things like taking care of appliances and utilities. By establishing rules from the get-go, you can help weed out people who might be more trouble than they’re worth.
2. Don’t go it alone
If you want to make a good impression, don’t take care of everything yourself. Yes, the apartment probably needs a new roof, and there’s a lot of other maintenance that needs doing around the place but getting an expert to handle those things will help you save money and increase the quality of your tenants’ experiences. Why do I need an EIRC? you may ask. Well, that’s where an electrician can help you out since it needs to meet regulatory standards.
3. Maintain a clean property
No matter how nice or well-appointed your house is, it won’t be very appealing if it’s dirty and disorganised. Keeping up on basic chores like vacuuming, dusting, and mopping will ensure that your tenants always feel welcome and comfortable in the space you’re letting them use.
4. Be Proactive about repairs
Tenants will have problems from time to time, as do homes. The best landlords are those who anticipate these issues and take care of them before they become big problems for their tenants. By being proactive, you can stop small issues from spiralling out of control and becoming big ones that cost you money, time and peace of mind.
5. Make the property accessible to tenants
It doesn’t matter how great your house is if you can’t get anyone in it. Providing easy access for your tenants means they’ll be able to enter the property with as little hassle as possible. This will make it easier for them to take care of things like paying rent and making repairs to the space.
6. Make use of technology
It can be hard to keep up with everything going on at a property, especially if you live far away from your tenants. Automated systems that allow you to set rules and review activity remotely will take a lot of the guesswork and work out of being a landlord. You can then focus on taking care of things that will improve your relationship with your tenants and help you find better, more qualified people to rent from you in the future.
7. Be honest and transparent
Above all else, be honest and transparent about what you expect out of your tenants and the people who will be living in your house. Setting clear rules at the beginning of a rental agreement or lease can help both parties prevent disputes before they happen. Being upfront about issues that might come up, like noise complaints or renovation projects, will help ensure that everyone is on the same page about what’s going on and what to expect next.
There You Have It
Don’t forget that being a good landlord can be a rewarding experience not only for you but for your tenants as well. With the tips above, you should have all of the tools you need to ensure mutual success as a landlord and as someone who is giving back to their community in more ways than one.