These Tactics Will Make You A Good Landlord Of Your Rental Property
Posted on: 17 August 2016
If you have enough money for a down payment, buying a second home and using it as a rental property can be an effective way to make money. The tenant will essentially be paying the mortgage through his or her rent, which also might be putting a bit of money in your pocket each month. But renting a house is a big responsibility, and it's important that you take an ethical approach to doing so. You can avoid a number of potential complications with your tenant by ensuring that you're a conscientious landlord. Here are some tips to keep in mind for first-time landlords with houses for rent.
Establish A Network Of Contractors In Advance
It's ideal if you know a variety of contractors before you begin renting the house to a tenant. One of the things that separates good landlords from bad ones is that good landlords deal with any issues with the home promptly by having a network of contractors in advance. For example, if there's a leaky pipe, the tenant will call you. You can then call your pre-determined plumber right away to schedule an immediate visit. This is far more satisfying to the tenant than being told, "I'll look into hiring a plumber." The tenant will be happy when the plumber shows up within a day or so, and you'll be viewed as a good landlord.
Give Advance Notice Before You Visit
Unless there's some sort of emergency with the rental property and you have to visit right away, it's courteous (and required by law) to give your tenant a bit of notice before you plan to arrive. No one wants someone barging into his or her living space, and giving some notice before you need to visit will be appreciated. This gives the tenant a chance to tidy the house if he or she feels the need to do so.
Ask The Tenant What He/She Needs
In many tenant/landlord relationships, it's the tenant who is constantly asking the landlord for things. Switch around this dynamic by occasionally asking the tenant what he or she needs. Ask if everything is working correctly or if there are any changes that need to be made. Ask if there are any additions to the home that could improve the tenant's quality of life, such as rebuilding the back porch or adding railings because the tenant has a small child. Taking this friendly, professional approach will have the tenant see you in a favorable light, which could increase the chance that he or she will remain a tenant for a long time.
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