When you are a landlord you have a tough job. You work to make a living. The work you do is also extremely important to your tenants. You provide them when a home. Their living situation is co-dependent on your success. It is a job that takes a lot of thought, time, patience and commitment. You expect your tenants to follow the rules. You look for people that will treat you and the property with respect. Tenants count on you to do the same.
There are advantages to being a landlord. You get to make an income. Its possible that you can benefit from tax advantages. If you own the property, it is possible that your property may appreciate in value. There are of course disadvantages as well. You may be liable for certain issues and have unexpected expenses. You have to work with tenants that may cause problems, and your income relies on keeping the property filled.
You can help minimize the chances of these issues.
- Do your research. Set goals and expectations that are reasonable and plan to achieve them.
- Know what your responsibilities are. Understand the lawsboth state and federal. Know what your responsibilities to your tenants are and vice versa. Also know what is required of you as far as the property is concerned.
- Work with a professional to draft your lease agreement. Know what the terminology means and any amendments that can be made.
- Create a strategy for attracting and signing tenants. You may consider running background checks and requiring references for your tenants. You will want to build a rapport with your tenants so that communication runs smoothly.
You can work to create a good place for tenants to live.
- Create an easy, manageable system for reporting repairs.
- Respond to maintenance requests quickly, and keep the tenants informed of progress and issues.
- Dont show favoritism. Tenants may talk. They also can be very observant if the residence structure provides visibility. You will want to take care of any maintenance issues in order of priority. Communicate in a positive and firm manner. Follow fair housing administration act guidelines when choosing tenants. Keep your image in mind when you interact with others.
- Carefully pick the companies and people you will work with. You will want to research electricians, plumbers and cleaning agencies that you may want to work with. Make sure that they share your principles and will treat your tenants and business with respect.