Being a landlord is about a lot more than just placing a tenant and collecting rent. You have to maintain your property, hold your tenant accountable to the rental agreement, and stay up to date on all the local, state, and federal laws that pertain to rental housing. Today, we’re sharing a few tips on how to be a successful landlord.
How to Be a Successful Landlord: Marketing and Leasing
Smart real estate investors know that your success as a landlord will depend on the tenant you place. Make sure you market and advertise the property well, putting it in front of highly qualified prospective tenants. Complete simple and inexpensive updates so the property shows well. Make sure it’s priced correctly so you don’t face a long vacancy time. Once tenants apply, screen their credit, criminal, and rental backgrounds. Talk to employers and verify income. Then, make sure you have a solid lease agreement that spells out all of your responsibilities and your tenant’s responsibilities. Follow all fair housing laws while you’re placing a tenant, and make sure you find someone who has a record of paying rent on time and taking care of properties.
How to Be a Successful Landlord: Maintenance
A successful landlord will protect the condition of the property and keep it well-maintained. Your tenants will expect you to respond to their repair needs and keep the home safe and habitable. Good landlords establish positive relationships with vendors and contractors, so you can get good work at affordable prices when you need things fixed or replaced. Get inside the property at least once or twice a year to make sure there isn’t any deferred maintenance, and so you can ensure the tenants are following the lease requirements.
How to Be a Successful Landlord: Tenant Relationships
You need to establish a professional, respectful relationship with your tenants. Make sure you are communicative and available when they need you. Be approachable so they aren’t afraid to tell you when rent will be a few days late. Work with them so that small disagreements don’t become huge disputes. Always make sure they know what you expect from them so there aren’t any surprises on either end.
Some of the most successful landlords work with professional property management companies. A property manager is experienced and understands the local market. We can help you keep your income high and your expenses low. If you have any questions about how to be a successful landlord, or you need help with Kern County property management, please contact us at JBL & Associates.