If you want to find success as a landlord, here’s everything you need to know
Thinking of biting the bullet and investing in property? We don’t blame you. After all, property investment can be hugely rewarding both in terms of the experiences you’ll have and the money you’ll make. But as American Dream Realty & Management points out, it also means a lot of hard work, and there are certain qualities you’ll need to display to make the most of it.
Organised
One of the key aspects of property management is knowing your protocols and policies, and communicating them effectively with your tenants. All guidelines should be written down at the time of signing that Assured Shorthold Tenancy agreement, and you should have policies in place to cover all bases. Do you know what to do if a tenant ignores parking guidelines? Or if the rental payment doesn’t come through? If not, you need to set up protocols you can refer to.
Create a simple and effective process for dealing with a wide range of property issues, from maintenance requests to rental disputes. This will result in fewer headaches for you down the line.
Communicative
You need to create an open channel of communication between you and your tenants, otherwise you could find yourself facing more problems than necessary. Being able to talk openly with your tenants, with all terms and conditions made clear, will significantly reduce the likelihood of any disputes.
You need to be available to respond in a timely manner to any complaints or queries that come your way. Let them know your office hours from the get-go, and set up a method of emergency contact in case something urgent arises.
Knowledgeable
As a landlord, you need to know your rights and the rights of your tenant. Owning a property comes with a set of laws, rules, regulations and responsibility – all of which it is in your best interest to have familiarised yourself with.
If you intend to own rental properties for the long term, expect to have to deal with a wide range of questions, including resolving disputes, tackling routine upkeep and the terms and conditions of rental contracts. You’ll need to stay up to date with any changing laws and trends, as well as the ups and downs of the property market as a whole.
Thorough
Inspecting your property is a big part of successful property management. A full inspection should be completed before tenants move into the property, and regularly once there are tenants inside. This will help you stay up to date with any issues that have arisen within your property.
Proper and timely maintenance is essential when it comes to property management. Keeping up the appearance of your home, as well as addressing any maintenance issues under the surface, will keep you on good terms with your tenant and ensure that you enjoy strong returns month after month. When everyone meets the tasks that are expected of them, both you and your tenants can enjoy a smoother and more rewarding property experience.
Willing to ask for help
A good landlord is one who isn’t afraid to understand when they need to invest in professional assistance. If you are unable to dedicate the time and resource to perform all of the points above, then perhaps a property management company could be for you. Experts like Atlas Lane Property Management don’t just take some of the weight off your shoulders, but also provide your tenants with a port of call for any and all issues. From maintenance requests to rental payment issues, property management experts can take on any problems so that you don’t have to, allowing you to simply enjoy the passive income that comes with successful property investment.
