Are you contemplating the idea of renting out your home or basement?
Before you jump into the role of being a landlord, it’s important to ask yourself if you really have what it takes to deal with all of the tasks and responsibilities that come along with being a landlord.
It can be an amazing experience when you find a good tenant and you start to enjoy the benefits of having additional income. It’s also a great way to understand the rental market as a whole, and to begin building your own property ladder. But, it’s important to remember not everyone is prepared to be a landlord.
Here are some things that can help you be a successful landlord:
Stay On Top of Maintenance:
As a landlord, one of the primary concerns you must stay on top of is the condition of your rental unit. Failing on this front can make it very difficult for you to find long-term tenants or good tenants that will respect your property. A desirable rental unit should always be well kept, clean and safe. And consider updating the unit from time to time to ensure it’s contemporary and desirable. Any issues regarding maintenance must be taken seriously and repaired swiftly when requested by a tenant.
There’s nothing quite as upsetting for a tenant as being left in the dark, like when the landlord departs for vacation, and there’s no emergency contact in case something goes wrong. Keeping tenants in the loop and having good communication skills is another fundamental part of being a good landlord, especially when it comes to important dates or scheduling maintenance inside their unit.
They are your tenants, not your friends. It’s important to recognize when your tenant enjoys their peace and privacy. That’s why being professional at all times is essential. Be kind and polite, but also learn when to keep an appropriate distance to avoid intruding on the space they are paying you for.
No tenant wants a landlord to place them in an uncomfortable situation, or to talk down to them or to pass judgement. Remember, when someone rents a unit from you, it is their home for as long the contract dictates. Being courteous and respectful towards them is crucial.
Be open and transparent with your tenant. Whether it’s about payment, an infestation of some sort, or a problem with the heating system, always be honest and explain what’s happening behind closed doors. Tenants will respect honesty and open communication, especially as it highlights your efforts in remediating any situation quickly and correctly.