When it comes to investments, property has always been a popular option. The problem with investing in a property and renting it out? You have to become a landlord. For most, this is not an option – the idea of having tenants to manage, a property to manage and the worry of the mortgage not being covered if the tenants don’t pay the rent is stressful. However, being a landlord can be a wonderful experience.
Landlords generally get a bad reputation from tenants who don’t play by the rules, and one bad word about landlords tends to lump them all into the same bad bunch. This is just not the case. Being in a position to buy a turn key rental property for sale is a privileged one, and if you want to make your landlord journey a successful one, it doesn’t have to be stressful. The key to being a good landlord, is to take tips from others and roll with them. We’ve got five of the best tips out there to help you on your way.
- It’s A Business. Being a landlord isn’t like playing Monopoly. Well, if you are buying up houses in quick succession it could feel that way, but it isn’t just a game. It’s a serious business. You are managing homes and these homes are filled with families who need you to be serious about your responsibility to the house and to them. Investing in a property is a hobby, but investing in a property you intend to rent out to others is a business. Change your thinking and believe that your job as a landlord is a business decision and not just something you do for fun – you’ll see a real difference.
- Screen Tenants Properly. You could have the best intentions and the best nature, but with all the will in the world you can’t just sniff out someone who wants to take advantage of that good nature. The biggest mistake that you can make as a landlord is to allow the wrong type of people to rent your home. The only way to get around that is to ensure that you have a proper screening process for the people who show an interest in your property. Sometimes, this means outsourcing this service to a letting agency, but this can cost you money. Check out this guide for screening tenants yourself, so that you can get it done legally.
- Respect Tenants. A successful landlord is one who looks after the people who live in your home. You want to be able to have them feel that they can approach you with a fix needed for the house because they will know you will fix it quickly for them. You don’t have to like your tenants personally, but you don’t have to like people to respect them and treat them fairly.
- Firm But Fair. When you set out a tenancy agreement, you have certain rules in place for when rent is due, what happens when repairs are needed and how much time should be given for notice required. You, as a landlord, are expected to fulfil your duties and responsibilities, so your tenants are, too. You need them to uphold their end of the contract and while you can come up with a plan should they fall into difficulty, that’s at your discretion and in dire situations. Be respectful, be fair, but don’t be taken advantage of.
- Ask For Help. It’s not easy to be a landlord. If you have ever had to face a tough eviction or a difficult insurance claim, then you’ll know exactly why you need to have a good support system around you. It’s not just a legal system you need around you – it’s good contacts so that you know how to find a reasonable plumber, or a great gardener to come in and de-weed ready for the summer. You do not have to take your journey as a landlord alone, and if you want to do that, you’re going to be a lot more stressed out than you should be.
A landlord that is successful is one who can manage people, the property, paperwork and do it all without stress. You should be someone who looks forward to getting the rent through the bank and can deal with tenants without becoming flustered or worried. Success is very possible when the right paths are taken and you can take a positive step in the right direction when you buy the right property.