Being a landlord doesn’t have to be a pain that you imagine it will be. If you manage your properties efficiently and effectively whilst keeping a healthy relationship with your tenant then it can actually be a great source of income. Stick by these tips and you’ll be on the right track to becoming a successful landlord.
Use “lease targeting”
Schedule your lease end dates for times that the market is providing the most tenant traffic. A good example is June 1st as it’s a date that is popular for new tenants moving in.
Avoid Bad Tenants
It’s important to perform the relevant checks to make sure your tenant is suitable to rent out your property. Make sure their income is at least 3x the cost of the monthly rent. Run a credit check and background check to make sure they are appropriate to rent out your property. Follow fair housing laws by not discriminating, being fair and equal to all potential tenants. Another great way to avoid bad tenants is by asking for referrals from previous landlords and avoid tenants with past evictions.
Keep Your Tenents Happy
It’s very important to make sure your tenant has the most enjoyable experience possible as it is a lot easier to retain a current tenant than to find a new one. This means, fix repair requests promptly, keep your property in good shape, treat your tenants with respect. By doing this you will see less tenent turnover and more cash flow.
Encourage Good Behaviour
Following on from the previous tip, another way of keeping your tenant happy whilst benefiting you in return is by rewarding good behaviour. This means rewarding on time or advanced tenant payments with movie tickets, dinner vouchers, discounts, and anything your tenant will appreciate.
When it comes to being a successful landlord, nothing said verbally is ever official, only a signed contract can be. By keeping everything documented, you have evidence in writing of your agreement and in order to protect the interest of you and your tenant, this is the best way forward.
List The Correct Rent Price
Listing the right price for your property is vital in becoming a successful landlord. By looking at local rental listings and newspapers you can roughly gauge a price depending on your location and property. Remember to always base your rent rates on current market conditions.
Have A Late Policy
As strict as it may sound, having strict policies is important. Make it clear from day one that there is a late fee for overdue rent, this will encourage them to get payments in on time but in the chance that they aren’t, the fee can compensate for the stress of not getting the rent on time.
Many tenants prefer paying rent online. It’s faster and a lot more convenient which in return will encourage on time payments. Look into setting up automatic online payments, electronic cheques and different credit card payment options. Going digital has a lot more benefits than physical payments.
Get Proffessional Help
If you really want to take the headache out of being a landlord, it can be beneficial to get professional help to manage your property. Get in touch with a property management agency like the lovely folks at Ross & Liddell Glasgow. They can help you by doing all of the above so you only need to sit back and enjoy the finanacial benefits of leasing your property.