As globalisation opens more doors and many people are moving out of their countries to explore opportunities elsewhere, the one thing they’re going to need is a place to stay.
As a landlord you’re in a good position to make money because your market is huge.
However, just because you have a property to rent does not mean you’re automatically an ideal landlord.
There are many things you have to do before this can happen. Here are just five;
1. Not an office job:
As a landlord, you’re on the clock all the time. The property is your responsibility. If the plumbing is leaking out copious amount of water in the middle of the night and your tenant calls, you’re going to have to take care of it. Calling the repairman would incur costs so it’s your decision to either handle it yourself or not.
As a landlord, you’re on the clock all the time. The property is your responsibility. If the plumbing is leaking out copious amount of water in the middle of the night and your tenant calls, you’re going to have to take care of it. Calling the repairman would incur costs so it’s your decision to either handle it yourself or not.
2. Fix it up:
It is irresponsible to offer up an apartment for rent when the place is not suitable for anyone to live in, let alone charging someone for it. Make sure the place is clean. Give it a fresh coat of paint, change the light bulbs and check the plumbing and pipes. Make sure the electrical wirings are intact and that the house is well supplied with electricity.
It is irresponsible to offer up an apartment for rent when the place is not suitable for anyone to live in, let alone charging someone for it. Make sure the place is clean. Give it a fresh coat of paint, change the light bulbs and check the plumbing and pipes. Make sure the electrical wirings are intact and that the house is well supplied with electricity.
3. Long term:
A landlord’s job is for the long haul. You have to be prepared mentally for people to stay in your property for a year, two years or more. Sometimes they might stay for a short time. Regardless of the duration of the tenancy, your job as a landlord will be long term and in the long run it will be profitable. It’s not about making a quick buck but about accumulating income over an indefinite length of time.
A landlord’s job is for the long haul. You have to be prepared mentally for people to stay in your property for a year, two years or more. Sometimes they might stay for a short time. Regardless of the duration of the tenancy, your job as a landlord will be long term and in the long run it will be profitable. It’s not about making a quick buck but about accumulating income over an indefinite length of time.
4. Contingency:
Even though your primary reason for renting your property is to make money, you’ll need to have a separate account of funds in case something goes wrong. If the plumbing breaks or the bulbs need changing, you’re going to have to fork out the cash and fix them. It’s not ethical to expect the tenant to pay for those things themselves. Make sure you have sufficient income to cover all costs. It is best to plan this out before you start renting.
Even though your primary reason for renting your property is to make money, you’ll need to have a separate account of funds in case something goes wrong. If the plumbing breaks or the bulbs need changing, you’re going to have to fork out the cash and fix them. It’s not ethical to expect the tenant to pay for those things themselves. Make sure you have sufficient income to cover all costs. It is best to plan this out before you start renting.
5. Social butterfly:
As a landlord, you’re going to deal with people. It won’t help if you’re anti-social or dislike people. Liking people is very much a requirement otherwise things are going to be difficult.
As a landlord, you’re going to deal with people. It won’t help if you’re anti-social or dislike people. Liking people is very much a requirement otherwise things are going to be difficult.
Learn as much as you can about being a landlord and approach tenants not as a figure of authority but as someone with a service to perform. Without tenants willing to live in your property, you lose out on additional income. If you’re particularly difficult to deal with, prospective tenants are likely to write about it on forums and sites you’ve listed your property for rent.
When you rent out your property, it’s helpful to think of it as a hotel or a service apartment where you are the manager, concierge, tech guy, salesperson, repairman, debt collector and counsellor all rolled into one.
Your main purpose is to provide the tenants’ with a smooth tenancy but you do not have to bend over backwards to cater to their every need.
Set guidelines and precedents to protect yourself but remember to be the type of person that you would rent from.
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