HOW TO BECOME A SUCCESSFUL LANDLORD?

1. HOW TO BECOME A SUCCESSFUL LANDLORD? Renting from rental property is a business for landlords/owners, they earn from their rental property which will help to increase the financial status in the society. When you are going to start the renting from your rental property several negative points will come in your mind that the tenant will pay rent or not?, tenant will trash your house, they will make you go bankrupt, tenant will make you clean toilets, tenants will drive you crazy and many more but that’s not true. In any business, a businessman will take risks to get profit, and here is the same. And in the rental property business, there are too many landlords who are successful in their business of renting their homes. If you are a landlord and you want to be successful then there are some tips which may make you successful landlord: COLLECTION OF RENT: Collecting rent from your tenants is hectic and time consuming task because when your renter not at home or you have more than one rental property, you have to visit again and again to their home for collecting rent. If you coordinate with them according to their time for rent collection. So you should find out the easiest way to collect the rent or ask them to visit to your site to pay their rent. You choose an online payment method or online banking system, cheques, drafts, etc. which will make your work easier.

2. KNOWLEDGE: Today to become a landlord is an easy task, but it is very difficult to maintain your status as good landlord in the society. So you have to know that how treat with the tenant and able to sort all the queries about the rental property. If you are lack of knowledge and you are going to be a landlord then you should need to gain more knowledge talk to investors, listen podcast, etc. do all from which you gain knowledge. POLICIES: You are the owner/landlord and have the power to create some polices and it's too good when you stick to it, because no one values of those people who is sick to their rules & regulation. For example: if your renter will not able to pay their rent then you are going to ask them to pay it quarterly, that’s not the right way ask for their problem and give some time to pay the rent. May be they are suffering from the real pain so understand the problem. If you really to be more strict personality, then you should add about late charges on rent, it will make your renters to pay your rent on time. QUALITY HOME: As a landlord, you are earning from your homes for rent, so it is better to provide a good rental property to your renters. It is not necessary to provide them more that better home because if you are thinking that you receive rent according to the appearance to your home, then you are wrong because rents are decided by the government and you cannot exceed with that amount. So it is better to maintain the quality of your rental home and quick action on complaints of tenants. TIMINGS WITH GOOGLE: It is so interrupting or disturbing when you are busy or working or sleeping and got call from your renters or visitors. It is better to make a time period for calling, when you are advertising and tell your renters that calls to you in a specific time. It is not good to take call all the time from visitors or renters, you have shown them that you are a professional. You can also contact or sign up with Google, it will provide you a voice mail address and also help to hide your phone number. You can also set your schedule of calling from visitors and renters. FIXING & REPAIR: If you know how to repair & fix and good knowledge of tools, then you should try for yourself to fix the damage. It also helps to reduce the cost of fixing, but if you don’t like fixing type of work then you should avoid these things. It is better to hire some professionals to fix repairs.