There are plenty of landlords out there who simply ignore the importance of proper organising and experience, instead opting to accept their positions in their line of business as one of benevolent overlords, rather than true businessmen and women. This doesn’t only mean the way they treat their tenants, but more importantly – how they treat their business itself. In reality, being a landlord is not that hard if you know what you’re doing. Follow our tips to learn more:
Being serious about business
Like we mentioned before, most landlords don’t really do that well being landlords, because they mostly avoid treating their business like a business, instead making mistakes in the process. You should never think about it like a hobby, think about it as a really important aspect of your life, instead of something you do on the side, even if you’re a professional with a completely different line of work as your primary focus in life.
Filter out the bad tenants
One of the biggest mistakes you can make is letting the wrong people use your property. This can lead to a number of problems, such as damage to your rental as well as forced evictions and worse. A screening process when choosing your tenants is a wise step you should undertake, so make sure you follow these when you’re doing so:
- They must be able to make at least two times the rent in income
- They must have no recent evictions
- They must have no recent felonies
- They must have good landlord references
You should also never screen out tenants based on any protected classes, or you may risk being taken to court.
Respecting the tenants
You don’t need to like your tenants, but you must preserve an air of professionalism in your interactions with them. You should never let your personal feelings get in the way of your business, as they should be treated as clients first and individuals second. You will need to leave any prejudices at the door of your office and accept them for who they are. Treat them with respect and you will be respected in kind.
Avoid being far too nice
There are some cases where being nice can be a mistake, such as situations where the tenants may attempt to take advantage of a situation or are just downright confrontational. A contract is a contract and they should stick to it as they agreed to when they signed it. If they avoid doing so you will need to stand up to them, keeping a professional and neutral attitude without emotions getting in the way of what needs to be done.
Get some help
In the end you should remember that you don’t have to do everything alone. There are investors that may give you a hand, other landlords who may give you some tips if you’re not sure how to handle a situation and so forth. Keep asking and learning as you go and you will do just fine.