How to Be a Successful Landlord?

By 19th August 2014Blog

Taking a bold new step and planning to rent out your property? Congratulations! In most cases, those new to leasing out property are either new investors in the real estate market or those who have hit hard times and been forced to rent out the property to pay the mortgage. However, regardless of your reasons for renting, if you are planning to start leasing out your home or property there are certain qualities and paradigms that you should keep in mind.

Being successful when it comes to leasing out your property requires a unique set of qualities. As most landlords will agree, you need to strike a good balance between what you want in regards to property rules and maintenance and what your tenant finds ideal.

That said, here are some qualities that will help you become a more proficient landlord.

Business acuity
Property management is a business in which you can make money by delivering the best possible service. To get the most out of being a property manager you should be professional when renting and managing a property. Keep regular records, develop appropriate procedures and follow them, pay professional taxes on time, and seek legal advice when required.

When renting out your property it’s important that you lay out the necessary rules and stick to them each time you have a new tenant. At times tenants may try to appeal to your softer side and ask for an extension on the rent, leniency in regards to property maintenance, or other favors. But being a professional landlord also means that you need to have a set standard when renting out the property to all your tenants.

As a landlord you may need to learn how to politely tackle a variety of tenants with different personalities. Patience comes into play when setting rules for your property. You need to be firm, but at the same time establish a good rapport with your tenant. If a tenant calls you at 2 am asking something you deem as ‘not so important’ or complains unnecessarily and regularly you need to handle such tenants without losing your temper.

Be consistent with all your rules for every tenant. Avoid treating your tenants differently, especially if you are renting out two places in the same location. Treating your tenants differently could be deemed as discrimination and could cause problems in your neighbourhood.

Be smart
To be a successful landlord you need to be wise and just when dealing with your tenants. You should be able to confront your tenant if the situation warrants and smile, if need be, even when you don’t feel like smiling. Always remember that your tenants are your customers and a pleasant and just demeanor will take you a long way.

Courage to say ‘No’
Based on the terms of the lease you may be obligated to provide your tenants with internet, air conditioning, cable television, or a clean swimming pool. But, you are not obligated to offer housing to individuals who don’t meet your minimum needs for income, credit, or employment check. You are also not obligated to allow your tenants pets if you have a no-pet policy. You have all the right to say ‘No’ to requests and demands from your tenant if they don’t fall under the terms of the lease.

Following these six tips will help you be a successful landlord and know how to deal with difficult situations that arise.

All the best in your new endeavors as a landlord!