As we become more aware of what it takes to succeed as landlords, we find the easy steps we can follow that have brought great success to other experienced landlords. After all, being a landlord can provide you with the financial freedom you deserve. It can also provide incredible people with a home. There is no perfect recipe for succeeding in the rental investing business, and many mistakes will be made, but let’s focus on what steps we can take on How to be a FANTASTIC Landlord:
- ALWAYS screen your potential tenants! This is key for the success of finding great tenants for your rentals. Make sure to go through appropriate procedures for screening, such as background checks, employment verification, and interviews.
- Keep your properties in great shape. It’s easy to think that your rentals don’t need to be great to find tenants, but the truth is you will only attract problems that are being neglected. It will save you precious time and money to maintain your properties. This will show your tenants that you care about their well being and handle a great professional business.
- Create a professional relationship with your tenants. Being professional is very important in order to remain in business longterm. Setting the boundaries with your tenants will also prevent any emotional battles, when it comes time to evict tenants. This is a major rule to follow especially if you intend on being a owner-occupied landlord. You can still be friendly and respectful towards tenants, but remember to not loosen the strings for any tenant, especially those that default on rent or do not follow your agreement terms.
- Follow the tenant/landlord laws and regulations. You may need to seek a professional to go over some of these laws in your own city/state as well as doing your own research on the internet. Never create your own rules, especially when evicting a tenant. It is much better to handle all legal matters in a legal form of action.
- Hire the professionals. If you plan on having rental properties, you must create a great team of professionals to hire, such as a property manager, plumber, contractor, etc. It’s okay to DIY a few things at the beginning, but don’t try to be a Jack-of-all-trades especially if you are not experienced in that particular field. As your business grows you simply cannot try to do everything on your own to “save a few bucks”. It is also important to vet your professionals in order to insure they will be a great fit for your rental business.
- Make your rentals special! Ultimately, having a great product and service will result in attracting top quality tenants. Keeping units/houses in great conditions will play a major role as well, but adding in a few extra perks will make it easy to stand out and find great tenants. This can be as simple as having nice laminate flooring versus carpet or a backyard picnic table. Think of a way to provide something unique that will serve tenants and enhance their living conditions.
Do you have any rules you follow as a successful landlord? Leave us a comment below!
All the best,