These days entrepreneurs are springing up everywhere because everyone wants to have a little piece of financial freedom. And one of the ways people are doing it is by buying or investing in real estate.
More people are trying to become landlords as a means to make passive income. However, it takes more than just the property to be a landlord. Here are five steps on how to be a good landlord.
With these tips, you’ll be building your tenant list in no time.
ALWAYS Screen Your Prospective Tenants
Finding a quality tenant is like finding a quality employee; would you want an employee who is always late, doesn’t care about company property, and might have a suspicious background?
Those things apply to tenants as well. You want to screen tenants on their credit history to see if they keep up with bill payments and criminal backgrounds to ensure that they’re not violent or shady.
Having a good prospective tenant will be the foundation to a positive landlord-tenant relationship.
Welcome Them to the Area
As a landlord, it helps to go the extra mile sometimes for your tenants. This can come in several ways, one of which can be welcoming your new tenant to the area if they are a transplant because lets be honest, getting acclimated to a new area after a move is difficult.
You can do a small ride-around with them and introduce them to local hotspots that you might not find online, and help them get around to local stores in the event they don’t know where to go.
Follow the Guidelines of the Lease
It’s always good business practice to go through the lease with your tenant so they know what is expected from them as well as what they can expect from you.
Also, be clear as to what you can and cannot do according to property laws because you don’t want to get caught breaking any Landlord-Tenant Laws with frivolous or unnecessary prohibitions.
Be Readily Accessible
One of the biggest failings of landlords is that they aren’t always readily accessible to their tenants. That’s not to say that you run to their every beck and call because you might have too many tenants to do that.
But it does mean that they can reach you and you can come to their aid in times of extreme need or emergency. They won’t need you for every little thing, but as long as you’re there when it’s important that’s what matters.
Remain Consistent in Your Policies
Outside of your lease, you might specify to the tenants that you have certain policies about the property. As a property manager, do not be lenient in regards to these.
If you do for one, you will have to do for all and you cant take it back. If you have trouble with this, you can always consult the Suzanne Desrosiers Professional Corporation.
How to Be a Good Landlord
It’s not hard to learn how to be a good landlord, but it does take work. If you think you can do these, then there’s nothing stopping you from gaining property and passive income.
Become a landlord today and watch your bank account grow soon enough.
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