From finding and screening potential tenants, to dealing with maintenance requests, being a landlord is a lot more than just watching the rent checks flow in.
Here are Elev's top tips to get you on your way to becoming a successful landlord. Whether you're just starting out or have been in the business for a while, there are some key steps you should take to set yourself up for becoming a successful landlord.
1. Familiarize Yourself With the Rental Market in Your Area
This first step is one of the most crucial ones if you want to become a successful landlord. You should research the rental market regularly to keep up to date on fair market rental prices and keep track of changing trends. This will help you to not only scope out the "competition" but also to set the right price when listing your own property. Pricing your rental at the rent price that makes sense in your location can mean the difference between vacancies and attracting good tenants so you can rent your property quickly.
When you're well aware of what is going on in the rental market, your knowledge will give you an upper hand, especially when it comes to pricing and reaching the right tenants.
2. Treat Your Rental Like a Business
Being a landlord might not be your primary job, but it is still a business and a source of income. It’s important to remain professional with your tenants, keep your finances intact, and maintain a positive reputation for your business.
Real estate and rental investments often come with regulations, so be sure to take the time understand all specific laws.
Conducting a good business also means preventing problems before they happen. The best way to avoid problems is to keep your unit and building in good condition by having regular maintenance check-ups and make sure everything is up-to-code and all utilities work.
3. Understand Your Responsibilities
As a landlord, you have certain responsibilities to your tenants. You are responsible for keeping the property maintained and providing a safe environment for your tenants to live.
You are responsible to repair everything from a burned-out light bulb to a broken water pipe.
The key here is that repairs should be carried out promptly, usually within 48 hours. If it’s a larger repair that needs a contractor (like furnace repair or something similar), you should make an appointment within 24 hours, and let your tenants know right away.
As a landlord, rememebr that you cannot just enter the property whenever you please. Your tenant has a right to privacy and you must give prior notice if you plan to enter.