Earlier this month we looked at ways you can become a successful landlord by first finding the right property. In this blog, we will look at how you can become a successful landlord by looking after your tenants.
The first big decision you will need to make after you purchase the home is how much to charge every month for rent. Your decision may change the type of tenant you get, so put a lot of thought into it. For example, let’s say you decide to charge market value or above. You would see a greater initial return on your investment, but you may also end up with a larger turnover of tenants. You may even end up with a tenant who is not financially stable. But, if you decide to charge a little less, you may not make as much initially, but you will have a greater selection of tenants to choose from who may stay for a long time.
Set aside some of the rental income each month towards maintenance and repairs. Very often, problems arise suddenly, so it is much better to prepare in advance.
Before a new tenant moves into the home, give it a thorough cleaning and a new coat of paint. Repair any potential safety hazards. Always consider your tenant’s welfare and you will make the best choices.
Finally, check to see that your rental property conforms to local government requirements. These laws are in place to protect the safety of the occupants, so don’t try to find a loophole just to avoid the extra work.