Being a landlord isn’t an easy task because you have to deal with tenants that sometimes don’t appreciate the effort you put in on a daily basis, and also have to fix or replace things wrong with the space you are renting out.
If you are interested in becoming a landlord or already are, we have a few tips that should help you become a successful landlord.
5. Always Check References
One of the biggest issues landlords face is tenants not paying their rent on time or even paying it at all, which will force you to go to court to file an eviction. This is mainly due to the fact that they don’t do a good job vetting their tenants. To avoid having to go through the eviction process on a regular basis, make sure you do a thorough background check on your potential tenants.
Before renting out your place, check the renter’s history by calling their previous landlords. If they have been paying their rent on time, chances are they will continue doing so. Also make sure you don’t rent a place to someone that’s unemployed because chances are they will default on the rent very quickly.
4. Make Repairs Quickly
When your tenants report a problem in their unit, make sure you fix the problem as quickly as possible because your tenants are paying you to live in a unit where everything works as it should. If you put yourself in their shoes, would you want to live in an apartment where the air conditioning doesn’t work during the summer? By fixing the problems quickly, you keep your tenants happy and get paid on time.
3. Have Insurance
As a landlord, you are responsible for paying to any damage to your property, which could be very costly if there is a fire, natural disaster, or any other costly repair. If you are insured, you don’t have to worry about dipping into your savings account to fix any major damage because the insurance company will pay for the repairs.
2. Don’t Be Afraid To Get Help
If you have a unit that you’re trying to rent but haven’t had a lot of interest in it, there is nothing wrong in seeking professional help to help you find a tenant. Instead of rolling the dice by placing an ad in classifieds like Craigslist, you should contact a company that specializes in helping tenants and landlords connect, like homelet.co.uk.
1. Be Fair
As a landlord, you have to treat your tenants equally, and not provide preferential treatment to a tenant because you like them or whatever your reason may be. For example, allowing one tenant to pay the rent later than the agreed upon date, while hounding another to pay on the due date is not a fair practice and can get you in a lot of trouble if the other tenants find out.
To avoid all the unnecessary problems that may arise from that type of situation, make sure you treat all your tenants the same way.