Most of the people who hold housing units for lease have no idea what it’s like to be a landlord, some people do not really care about their duties as a landlord as long as they are raking in good money.
There is more to being a successful landlord than collecting rent every end of month.
Well Drafted Lease
It should clearly state the parties involved (landlord and tenant) with all the contacts stated. The rent details:indicating where the housing unit is located, the physical address, the house number; the leasing fee and account numbers for deposits. The leasing term is it a yearly or a monthly term and what happens once the term expires. A well drafted lease helps to avoid friction between a landlord and a tenant any time an issue crops up. Make sure that your tenant signs and keeps a copy of the lease.
Get Everything in Writing
Documentation is highly recommended in any business type. These documents can provide reference in any case an issue crops up .For a well managed housing unit keep a list of all your tenants names and when they moved in, a list of all the payments made, any repairs made in a unit and when it was done. If possible also get your tenants to put everything in writing and record payments made and expenses accumulated to avoid future blame games.
Property insurance is not a popular topic but it is important. A successful landlord is the one who takes proactive measures against his property. Protect your investment by getting the right cover for it. It will help you recover damages accrued from any unforeseen event.
Most landlords rarely get along with their tenants, but as a landlord you have no choice but to learn to keep your cool and smile at that tenant who would call at 3am in the morning because she lost her keys, try to create a working relationship, your tenants are the backbone of the business, because if there are no tenants then the business would cease to exist.
Owning the property does not exempt you from common courtesy. Respect your clients and their privacy and do your best to maintain a cordial relationship. Lines must be drawn to ensure that everyone is kept happy and no one feels harassed or favored.
Listen to your Tenants Concern
As a property owner you know what is good for your property and what is not, but at times the tenants to know what works and what does not, if a tenant raises genuine concern about anything really, it is your responsibility to make sure you look into it.
At the end of the day, a landlord and tenant relationship is symbiotic and both parties must be kept happy.
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