Becoming a landlord is a great opportunity to bring in some extra money or even make a living. However, it’s not as simple as purchasing a place and hoping all goes smoothly.
It will require a lot of your time and attention so you must clear your schedule and be prepared for anything. What’s most important is that you set yourself up for success right from the start. Therefore, take the time to review tips on how to have a positive experience as a new landlord.
Vet Your Tenants
One of the most important aspects of becoming a landlord is being able to fill your properties and collect rent. You should always carefully screen your potential tenants to find out if they are a good fit and can and will pay the rent. Study the laws and know your rights as it has to do with enforcement of judgement if a tenant fails to pay you. Educate yourself early on so you know what you can and can’t do based on the law.
Consider Hiring A Handyman
It’s also a wise idea to consider hiring a handyman you can call upon at all hours. Another option is to work closely with a property management company. You never know when an issue will arise that will require your immediate attention. These people are trained and knowledgeable to handle matters that pop up related to your properties. You’ll sleep better at night and likely save money in the long run when you leave these types of fixes up to the experts. Otherwise, you risk having to do the work yourself and hoping for the best.
Treat it Like A Business & Be Professional
Even though you’re a landlord and may be doing this on the side or for fun and extra money, you should always act professional in all interactions. You should treat it like a business and run your units like you are a business owner. Be sure to set the right kind of rent prices so you can rent your places out more easily as well. Be proactive and get your finances in order and know what you can and can’t afford. Separate your personal and business finances, which will help you stay better organized and make it easier on you when it comes time to pay yourself and do your taxes.
Communicate & Be Available
You should avoid becoming a landlord if you are tight on time and already have a hectic schedule. The reason is that being a landlord will take up a lot of your schedule and energy. It’s essential that you practice open and honest communication with your tenants and any other people you encounter in your role. You’ll have a more positive experience when you have good communication skills as a landlord. You must be available around the clock to answer questions or address any issues that come up instead of putting them off for another day. It’s wise to have your phone on you and to check your email and messages often as a landlord.
Conclusion
You should now feel more comfortable going into your role as a landlord. Hopefully, these tips have eased your mind a bit and have given you the confidence you need to be a successful landlord. Always remember to act professionally at all times and take action if for any reason your tenants are not paying you or are failing to follow the law and rules.
