What does it take to be a Successful Landlord!

One of the very first questions that arise for a landlord is whether he should actually consider becoming a landlord or not! The answer to this question than leads to another question – what does it take for one to become a successful landlord. There are many points to keep in mind – in terms of the kind of property on lease and the business and people skills of the person leasing out property – before one can set out to become a successful landlord. So Questions like ‘Should I lease out my currently owned property’, ‘Should I buy a rental property to lease later’, ‘Will I be a good negotiator’, ‘Do I have the patience and the skills to deal with tenants in a professional manner’ are some of the important ones that need to be answered at the very beginning.

Here are a few ‘happy landlord tips’ that can help one work towards being a better landlord:

Be methodical and well prepared – it is important to adopt a methodical approach towards land leasing. One should chalk out a plan that answers some of the questions like ‘How to lease out my property’, ‘How to extend a lease’, ‘How to choose the right tenant’, ‘How to raise the rent’ and so on. Having the right answers prepared for the above questions is one of the most important steps to be a successful landlord. Don’t just plunge in. Remember, a well prepared battle is half won!

Look for good tenants – This can be a daunting task for most landlords. Telling good tenants from the not-so-good one requires people gauging skills that many landlords do not have experience in! This skill is developed through years of experience in leasing out property. At the outset, one can ensure a good tenant through inexpensive credit checks and background checks. The contact details of the tenant should also be cross verified in order to ensure that you are not letting out property to bogus tenants who can become a nuisance in the future. Needless to say, a good tenant needs to be financially secure. After all, as a landlord you should treat this just like any other business. Your tenant is your number one customer that you must trust and enjoy doing business with.

Maintain your property – The best landlord is the one who is prompt in his responsibilities and takes quick actions. If a tenant calls up at 2 in the night complaining over a leaking roof, it is the duty of the landlord to get the problem fixed at the earliest. A well maintained property can be a great asset that mints money slowly, yet definitely and steadily. It is important for the tenants to feel just like home when they are renting your property. Keeping the place maintained and investing into nice appliances for their use will make your tenants much happier. And a happy customer means they don’t mind paying a little extra for great service.

Know your rights – As a landlord, one needs to be well aware of the duties and responsibilities of both the landlord and the tenant. Since every city and state may have variations in the landlord-tenant rights and duties, one needs to make sure that before leasing out any property, one has a thorough knowledge of the same. It is absolutely necessary to have a written lease signed and sealed to maintain sanity as a landlord and as a business person.

Keeping in the mind the many and more questions listed above, one can work towards being a successful landlord.