When you purchase your first rental property, whether you like it or not, you are now a business owner as well as a Landlord. Many landlords, especially in the beginning when everything is new and you are still learning what to do, think of their rental as a hobby or side-project. When you change your mindset and start treating your business as a business, you will find greater success. To be great in business, you must focus on relationship building instead of profits.
Here are 3 tips on what you can do to ensure you are the best landlord you can be.
1. Always screen tenants
Start as you mean to go on and only rent to the best of the best. If you property is in good condition and in an attractive area, you will never be short of tenants wanting to live there. The trick is to have a strict screening process in place so you can weed out unsuitable people. Have a clear idea of who you want to rent from you and adhere to those conditions. Always check their references and ensure they haven’t had any recent evictions and always pay on time.
2. Look after your tenants when they move in
When you find the perfect tenant, look after them. Present them with a welcome pack when they move in and stay in contact with them without being overbearing. This is your business, so treat your clients with respect and they will be loyal for many years to come. Have a list of your rules – they can’t follow the rules if they don’t know the rules, so be clear about your expectation from the start. Always show compassion to your tenants without letting them take advantage of you. If they are a day late on the rent, be considerate and take the circumstance into account. If they are late on the rent every single month, then you need to take action.
3. Keep up with maintenance
When you keep up with your end of the bargain, your tenants will keep up with theirs. Keeping up with maintenance and responding to their requests in a timely manner will ensure they will look after the place as well. If the repairs aren’t an emergency situation, always arrange a convenient time to come and inspect the problem. Your tenants will love it if you respect them and their time and don’t just stop in unannounced.
What ONE thing have you done lately to ensure your ‘business’ runs smoothly?