3 Tips For Being A Successful Landlord
Posted on: 16 December 2016
Being a landlord is more complex than television and movies might lead you to believe. The wrong move could result in vacancies and high renter turnover rates. If you are new to managing rental properties, here are some tips to help you along the way.
Remember Your Rentals Are a Business
Although it might be tempting to manage your rental properties as if they are just homes or apartments you happen to own, you need to actually consider them part of a business. There are legal and business obligations that come with being a landlord and failing to take care of them could impact your ability to turn a profit.
Part of operating your business is ensuring that you are following all of the laws that apply to your properties. Take the time to research the local and federal laws regarding your property. You also need to familiarize yourself with state laws, which dictate everything from the eviction process to the licensing you might need to operate your rental properties.
Inspect Your Property
One of the biggest mistakes you could make is to turn over the keys to a new tenant and not see the home or apartment again until his or her lease is up. Although your tenant deserves privacy, you have the responsibility of ensuring that your property is safe for the tenant to continue to leave there.
If an accident occurs due to a condition in your apartment, the tenant could hold you responsible. Your homeowners insurance premium could rise, you could face legal fees from defending yourself in court, and you would still have to pay the cost of repairing the issue with the property.
To minimize your expenses, conduct regular inspections of the property. You do not have to inspect the property every week or even every month. Quarterly or annual inspections should help to uncover any problems that are occurring.
Address Tenant Concerns Immediately
A challenging aspect of being a landlord is being available to tenants 24/7/365, but it is necessary. When emergency situations occur, such as water pipes bursting or a heating unit blowing cold air on a cold day, your tenants need to be reassured that you will take care of the issue immediately.
Failing to address your tenants' concerns within a reasonable amount of time can not only lead to a higher turnover rate, but it can also be put you at odds with the law. A tenant could report you to local, state, or federal housing agencies, and you could be facing fines.
There are many other aspects to being a landlord that you have to consider. To ensure that your properties are efficiently operating, consider working with a residential property management service.
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