Reminding ourselves on how to be a landlord is like asking a fish on how to swim. Becoming a landlordis an easy task, what keeps is hard is how landlords improperly use their authority to their tenants. Before you became a landlord here are the things you need to know:
How To Be A Landlord - The Basics
Have something that the people will rent. A landlord won't become a landlord if he/she is not in control of something. Buying a property and renting it to someone is the start of your landlord career. Buy a property that has a high market rate, strategically located near offices, schools, or town centers, and has a lowest selling price. This technique will help you afford your monthly mortgage payment, cover costs for maintenance, renovation or repair, and earn profit.
Get your property an insurance and fortify your lease. Consult a professional about the necessary insurance for your property. The landlord must have insurance for the property in case a fire, flood, or natural disaster hit the property.
Strengthen the right of the price of your lease by seeking advise from a lawyer. While you're at it impose rules and regulations in your rented space and have it fortified by the lawyer too.
Attract Tenants and Select The Best One. Advertise your property, let them know of your price, additional offers, and the features of the property you are going to rent. Once you've gained their attention, screen these tenants and look for a fit candidate who has the right to stay in your place. As a landlord, you should be looking for a tenant that has the capability to pay, can pay on time, and is neighbor friendly.
When you have chosen the proper candidate, carefully remind your tenant about your property's rules and regulations, the lease and how the payments should be made. If the tenant agrees have him/her sign your contract. Give her his copy and file yours along with his monthly paying record.
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How to be a landlord that is adored by many?
A common misconception of being a landlord is that you are obnoxious, greedy, very annoying, and fat(well..usually). Let's try to be a good landlord by following these steps:
1. Greet your tenants when you see them. Do not just ignore them if they pass by you. This gives you an impression that you are approachable and kind.
2. Kindly ask for the monthly rent. Reminding the tenants of their monthly rent a day or a week before may look rude. You are like telling to them that they cannot pay on time. Ask for it on the exact day first thing in the morning. Accept apologies if they can't pay on time then ask for a specific date that they will pay. Impose a 2-3 day grace period then charge a fine to those that exceeds the grace period. A reasonable fine is 5% of the tenant's rent.
3. Do not forget to smile always. It keeps a happy heart and a gentle atmosphere to you as a landlord.
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