Every year people make New Year’s resolutions with the aim of improving their lives in all spheres. As a landlord, you too should be taking a closer look at New Year’s resolutions, as it will help you stand out as a landlord and also let you retain tenants and increase your profits in the New Year.
Here are 10 resolutions that you can make this New Year to transform yourself into a successful landlord.
Are your tenants causing you more stress than you can handle? It is time to begin searching for new tenants. Have a proper screening system in place, so that you get tenants who treat your property well, pay rent on time and adhere to the terms and conditions of the rental lease.
One of the main reasons landlords get into trouble is agreeing to rent place verbally or not making a rock-solid lease that covers all the bases. It is best to check out multiple leases to create one that best suits your purposes. Make sure your tenants understand every aspect of the lease, so that there is no scope for misunderstanding later on. You can only do this if you understand the clauses yourself. If the lease is good, it will be good for your business.
Most landlords are not equipped to handle their properties. As a landlord, you should be looking to maintain your property well and increase your profits. It is a learning curve that you have to climb. So, befriend a knowledgeable and experienced property manager who can be your mentor and teach you things that you never knew. In the coming year, take time to visit local landlord chapters and real estate management groups where you can find the right person to learn from.
Most landlords spend hours taking down complaints, pacifying angry and upset tenants and driving to the bank to deposit rental checks. You can use technology to your advantage by streamlining many of these tasks. Ask the tenant to do electronic deposit each month; use a smartphone to help out with reminders and getting in touch with contractors and tenants. This will save you time and allow you to focus on using your time more productively as a landlord.
Rather than making umpteen calls to a contractor, you need one who responds quickly and charges you competitively. So, make a list of all contractors you work with and weed out those that make you run, overcharge you and/or are unreliable. Stick to contractors who can partner with you more efficiently, affordably and effectively.
If you have tenants who are costing you more money than the rent they are paying, driving your business south and draining your time and resources, you need to get rid of them. This is the reason you need a foolproof rental lease. The moment tenants violate the terms of the lease, you can take action against them. Alternatively, you opt not to renew their rental lease on expiration or give them a notice to vacate the premises for non-payment of rent. Once bad tenants are out of the scene, you will notice many of your problems automatically disappearing. This will let you focus on building up your business.
Resolve to get back to your tenants when they make a complaint within 24 hours. This will cool down matters and show the tenant you are sincere in your effort to solve the problem. Make sure you always let the tenant know the status about the maintenance. It will be appreciated.
Don’t wait for the tenant to shift in to collect the security deposit. It will be tough to do it then. Instead make it clear (and mention it in the agreement) that the tenant has to pay the security deposit after signing the rental agreement or when collecting the key for the property. This is especially true for tenants who want you to take off the property from the market before signing the agreement. It is perfectly alright under such circumstances to collect a month’s rent as deposit. If you reject the tenant’s application later on, just refund the amount.
Most landlords turn up just to collect the rent and are taken aback by the flood of complaints they receive. Don’t be like this. In the New Year make it a point to spend time with your tenants periodically and find out their problems and grievances. This way your tenants will love you as a landlord and know they can rely on you to resolve issues.
If you are not getting tenants, take a second look at your property. It may have a rundown appearance. So, spend money this New Year to revamp and upgrade it. Not only will you be able to command a good rent for it, you will also be a position to attract the right kind of tenants. Simple things, such as a new carpet, energy efficient appliances, fresh coat of paint inside and outside and well-maintained lawn, can immediately increase your property’s value and attract high quality tenants.
With the New Year upon us, it is time to revamp your business and make these resolutions to transform into a good and successful landlord.
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