3 Keys To Being a Good Landlord

Property Leasing is a business like any other. There are taxes to be paid, maintenance costs and other expenses that should be dealt with. However, apart from the property, dealing with the tenants is also another of the responsibilities of being a landlord. Not that they should be continuously pampered, as they would appreciate having their privacy even if they are in your property. Foster long-lasting relationships with them to ensure that your property generates a stable flow of income for you.

Transparency

This is possible only when the rights and responsibilities of each are understood by both parties. Knowing your rights as a landlord and understand the rights of your tenants once their leasing contract takes effect is a must. Outline the legal rights and under the state laws applicable to each of you. Contact the rental housing authorities for the guidelines and share this knowledge to your tenants. Discuss the coverage of insurances let them know the extent of your liabilities. Settling the important issues from the beginning gives your tenant an impression that you are honest and trustworthy and that you expect the same from them.

Make Rational Decisions

Increasing the rent regularly without concrete basis might turn your tenants off. If your tenant has been consistently making payments every month without the need for numerous reminders, then you may be considerate in skipping the increase for this year. Keeping that relationship with them ensures a steady flow of income. If an increase is bound to be implemented, provide the basis for your decision. An example would be an increase in tax rates, or other related fees. Document the changes and have the contract updated for future references.

Assure Maintenance

Although the property is already occupied by somebody else other than yourself or your family, it still pays to maintain the property well. Have a regular check up on the heating or plumbing system. Although it is already their responsibility, this will benefit you for the long run. It will ensure that the next tenant will not have issues with your property, thus making it easy to attract them and make them stay. At the same time, the current occupant will not have a reason to leave. You can be sure that the tenants do not have a reason to miss the payments as they can see a part of that monthly rent going to them too. In case they do leave, you treated them well, and had a good relationship with them. This is a good basis for them to refer you to somebody they know. That again, is building a good network from one tenant to the other.

Although taking care of all the paperwork and general maintenance is included in your responsibilities, also ensure that you provide the privacy that is rightfully to the tenants. This will show that you respect them and that your business relationship is something to be cherished and maintained for a long time. For more information on real estate investing go to http://www.annettapowellblog.com

Wishing you much success,

Annetta Powell

Queen of Real Estate