We’ve all had those grumpy landlords who’ve given us a hard time, with the rents, strict rules about who should come in and who shouldn’t, or the monthly ruckus about unnecessary repairs in the house.
From the way, they treat their tenants, to the manner in which they handle their business, being a landlord is a task to be handled carefully, to avoid falling into the “snobbish landlord” category. Here are some tips for all those who are renting their apartments:
- Treat your rental like a business
Most landlords fail to maintain their business because they don’t see their rental as a business, but as a hobby. From managing the maintenance requests to making sure your tenants pay the rent on time, a landlord has to have a more professional perspective.
- Have a screening process to avoid bad tenants
Don’t settle in for just anyone, before you make sure your tenant is a reliable one, who is going to value your property and pay the rent on time. It is always important to check the tenant’s background, pertaining his criminal and credit history. Make sure he/she makes at least 3-month of rent, worth salary and has no recent convictions or felonies.
- Treat your tenants with respect
You don’t have to like them, but you can’t let your personal feelings come in way of your business. It is always easier to retain a tenant than to find a new one. So, make sure you are responding to their concerns and acting on it promptly.
- Have proper documents
Don’t be too nice, businesses are done on written formal contracts, not a verbal agreement. Have a written lease signed by all your tenants. Spell out your policies and conditions cleary in the contract, and make sure these are agreed and then signed by your tenant. It is in the best interests of both the parties in order to avoid future conflicts.
- Prefer electronic payments
Easier and faster. Also have some kind of fine for late rent. You need to make it clear from the very first day that you would be charging a late fee for overdue rent. This way, the stress would be off your shoulders.
- Get your property insured
Also make the tenant carry a renter’s insurance as well. This will help you out in the cases of emergencies, both with a earthquake caused by the tectonic plates or a fire started due to some irresponsibility on the tenant’s behalf.
Being a landlord is like handling a tight ship. It requires work and you’ve always have to look out for the big waves.