How To Make Your Life Easier As A Landlord

Posted On Tuesday, 15 September 2020 20:15

Being a landlord means being responsible. In a certain way, being a landlord is a real privilege. 

After all, not everyone can deal with a property manager's responsibilities, can be great with people, set expectations right, and manage to collect the money on time. 

Being a good landlord requires time, skills, and delegation to make every process more straightforward. Renting out property is wearying work. 

Yes, you don't have a boss standing above your head, but you must be available 24/7 and take responsibility for many things. 

When dealing with people and property, a million things can go wrong within a single week. Still, there are little steps that can lead to significant changes and save you and your tenants from future disasters. Here is how.

Know the Law

The real power lies in knowledge. Knowing the law is the first thing you should master is you want to sleep calmly. 

Before you start thinking about decoration and how to find the perfect tenants, you should know the fundamental laws. Renting out a property comes with a few perks, but it comes with a considerable responsibility that specific laws should follow them. 

Being a landlord means dealing with money, and you should know everything related to your investment. Knowing the laws, you are actually learning about your right and what to do if something goes wrong. 

Have a Good Tenancy Agreement

During your time as a landlord, you will have to deal with people a lot. As expected, you will deal with several different tenants, which is why you should be serious about the tenancy agreement. 

You could give your tenants the perfect house with brand new appliances, and in a few weeks, you could end up with a messed and damaged home. To prevent this and to show your tenants just how serious you are, always have a tenancy agreement on hand. 

The tenancy agreement will show the exact responsibilities, chores, and duties of both tenants and landlords. Plus, it's a handy document to have in case of a dispute. 

Have tenants sign in the agreement before they move in. If they refuse, you are probably not the right match for each other, which is ok. 

Hire Professionals to Help You Navigate the Financials

Giving your home to someone else may seem like an easy task. However, any action that includes money may have some difficulties along the way. 

That's why you should know tax laws, local property rules, navigate landlord-tenant regulations successfully, and even have an attorney. 

Life happens, and unexpected things do pop-up from time to time, and occasionally rent can be late. Sure, you can always take deposit money, but what to do when the debt is higher? In that case, you should think about a collection agency for landlords

Using collection agency services is a great way to protect your interest and get your money on time, every single time. 

You can always tell your tenants that you have a strict payment policy and that you are ok with using a collection agency. This should show them just how serious you are as a landlord and respect theirs and your time and money. 

You can always give your tenants an extra period to make the payment, and then inform them about your next steps.  

Extra Tips

Here are more ideas on how you can make your life most comfortable as a landlord:

• Increase your ROI by improving kitchen and bathroom
• Install low-flow water features to save money
• Have energy-star certified appliances to reduce costs
• Use the online platform to rent your property faster
• Always plan pest control
• If you are accepting pets, have rules about it
• Take pre-tenancy photos

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