There are many people who own rental properties and try to create an income as a landlord. Unfortunately, the plain truth is that many of those people are terrible landlords.
This doesn’t necessarily mean that those landlords don’t treat their tenants well; they may be very nice people. The problem is that many people who become landlords don’t run their business well.
Those people tend to give all landlords a bad reputation. You can be a successful landlord and run your business well. You just need a little solid advice from the pros.
Check out these five tips to help you be a successful landlord.
Landlord Equals Business
“First and foremost, you need to acknowledge that being a landlord is running a business. “
You need to treat your occupation as a landlord as a business, not a hobby.
You should treat your venture as a landlord with the same amount of respect and devotion as you would any other business undertaking.
This means that you need to get organized and have systems in place for taking care of problems that might come up. You should have a plan for handling maintenance concerns that doesn’t require you to be directly involved.
If you are out of town and the air conditioning goes out, your tenants should have a way of getting that taken care of. You will be a much more successful landlord if you treat your business as a business rather than a hobby.
Choose Your Tenants
“Many landlords make a huge mistake by not screening their potential tenants sufficiently. “
The second most important thing that you can do as a landlord is to choose your tenants carefully.
As a result, they get the rent check late or not at all. Their property gets destroyed, and they end up having to spend a lot of time and money evicting a tenant.
Tenants will try to appeal to your emotions, but that’s not how a successful business works. A bank wouldn’t lend you money if you have bad credit and no qualifications, no matter how sad your story might be.
You shouldn’t rent your property to tenants who don’t meet your criteria, either. We suggest that you use the following basic criteria to screen tenants:
Reliable income of at least three times the monthly rent;
Record free of evictions;
Record free of felonies;
Good references from previous landlords.
Be Respectful
Be respectful toward your tenants. You don’t have to like your tenants, but you do need to treat them with respect. Don’t behave as if you are superior because you own the property. Don’t let your feelings get in the way of running your business, whether those feelings are positive or negative.
No Breaking Rules
Don’t let tenants break the rules. Be respectful and kind to tenants, but don’t be overly sympathetic and allow them to break the rules. The rent is due when it is due, regardless of circumstances. Making an exception sets you up for trouble in the future.
Getting Some Help
Make sure that you have people who can help you. Consider using a property management company. They will handle all of the day to day responsibilities of being a landlord so that you don’t have to.
They will screen tenants, collect rent, handle maintenance, and deal with evictions, if necessary. This makes it simple to be a landlord.
If you own a rental property or are considering purchasing one, Get in touch with McMath Realty.
We offer a variety of services to assist you in maintaining your property, including investment consulting,property management,rental management,property inspections, and home maintenance services.
We manage rental properties in Chandler, Mesa, Gilbert, Scottsdale, Phoenix, Glendale, and all areas of Maricopa County.
We advertise your property in the MLS listing, on multiple websites, and on our own website. We also use signage to attract potential renters who are out driving around and looking for rental opportunities. We will assess your property, recommend improvements, and help you price your unit appropriately.
Contact McMath Realty at https://mcmathrealty.com//contact.php to learn more about how we can help you keep your rental property in great shape and take care of the day-to-day dealings with tenants!