Top Ten Tips For Becoming A Successful Landlord.

Are you a landlord or planning to become one? Well, this is an opportunity that comes with a lot of demands and therefore it is good to know what you’re in for. Before getting started on this journey of being a landlord, you may be advised against it with common generalizations. You may be told that tenants don’t pay rent, they trash your house and call you 2 am to unclog the toilet and even make you go bankrupt. Generally, as a landlord, you may have some dreadful tenant experience but majorly brilliant ones will always be there. To get the most as a landlord, you need to establish a good relationship with your tenants. Some tenants who had a bad experience with landlords will assume you’re not different until you try not to be one. Learning how to be a landlord will help you avoid burning out.

Here are top tips from an experienced professional on how to be a successful landlord.

Be smart on rent collection

If you still walk around your property collecting rent physically, you need to up your game. This method of collection is time-consuming, inefficient, involving and possibly dangerous.  Look for latest payment options like electronic payment systems and automated clearing house.

Start Adding Systems Now

With only one property in consideration, you may not see the need to set up systems since it seems easier to manage. However, for you to make your life easier as a landlord as you expand your portfolio, having systems in place is the ideal thing to do.

Be Knowledgeable

In any field of management, knowledge is important. Being informed as a landlord will help you handle problems in this job with ease. Improve your abilities by reading books, taking courses and working closely with seasoned investors.

Create a Policy and Stick To It

Having terms and conditions as well as policies for your property is a sure way to reduce your hassle as a landlord. The policies should in writing and read by the tenant before signing the agreement. It is your role to enforce the policy without discrimination.

Invest in Quality

Having a quality home will always attract quality tenants. Keep the property in good shape, fix repairs promptly and treat your tenants with respect. Staying organized is a great way to set a standard, which will help attract and keep tenants.

Set your Office Hours

If you don’t set office hours, your tenants will set them for you. Although there are times when there could be an emergency that requires quick attention, there are times when you shouldn’t be contacted by the tenants. It is important to have time for yourself as a landlord. Office hours will set a good parameter for you and your tenants.

Be Professional

You need to take your work seriously for you to be successful as a landlord. If all you see in the role is a hobby or side hassle, it will remain that way. Successful landlords always act professionally. This includes effective communication, correct recording of everything and being respectful in your dealings.

Have a Late Policy As a Landlord

Make it clear that you charge a late fee for overdue rent. The penalty is one way to encourage good behavior and reduce the risk of tenants paying late and taking you for granted.

No Family/Friends

Renting to friends and family members is one way to bring disaster to your doorstep. You don’t want the situation of choosing between losing money or losing the relationship.

You Are Not The Owner

For you to be a successful landlord. Don’t be the owner. This is critical especially for those who don’t like confrontations. As a landlord, there are many tough decisions you will have to make and some awkward conversations you may need to have. When you are the owner, tenants will blame you for the tough decisions you make. You may, therefore, be compelled to make decisions out of convenience rather than common sense.