Being a Better Landlord

How To Be A Better Landlord It's hard work being a landlord, nobody will dispute that. Dealing with an endless list of tenants complaints, chasing people for rent and constantly dealing with household repairs can be a stressful experience, and it's very easy to become jaded with the whole process. But managing a property doesn't have to be a headache, and most of the common issues and problems faced by most landlords can be solved with a little perseverance and some basic organization skills. Here's our top tips for being a better landlord, courtesy of Canonbury Block Management Treat Your Business Like A Business Most bad landlords have one thing in common- they treat their investment as a hobby rather than a business. Owning and running a rental property is no different to running any other kind of business and should be treated as such. By improving your general business acumen - such as say reading a book on leadership and management or learning how to properly delegate tasks to others, you'll begin to see big changes in your business in no time. Screen Your Tenants Carefully Another huge mistake made by landlords is letting in the wrong person. This can lead to constant noise complaints, late payments and ruined homes- Everything you want to avoid, basically. When vetting your tenants some good things to look out for are: - No criminal convictions No recent evictions - Good references from previous landlords - Has enough stable income to comfortably handle the rent. How in-depth you want to go is up to you, but even just screening carefully for these will see you yield a much better type of tenant. Choose carefully, you're entrusting these people with your property after all. Customize Your Lease When drafting up the property lease, don't be afraid to add clauses that cover any special rules or restrictions you wish to have in place, such as whether pets are allowed, if smoking is permitted or if there's any sort of curfew on loud noises. Use as much detail as possible and don't be afraid to go into specifics and cover your bases- this is your property after all, and you should have the final say on what sort of behaviour you want going on in there. Laying all this information out at the start of the tenancy will also help reduce friction between you and the tenant later on. 4 Respect Your Tenant's Privacy At the same time, don't forget that tenants want privacy - the last thing anyone wants is a landlord that constantly shows up unexpectedly, inserting themselves into their lives and generally being a nuisance. Don't forget that your relationship is purely a business one, and don't overstep the line. If you need to inspect the property, give your tenant plenty of notice and try and limit your visit to business hours or the early evening. 147 Make Repairs As Quickly As Possible For many people, calling to request maintenance services will be the only interaction they have with their landlord after they've signed off the paperwork for the property, and as such this is your big chance to really impress the tenant and prove your own worth. Keep your communication lines as open as possible, and when you receive a maintenance request give them a clear idea of when someone will be round to fix it, and stick to that time like your life depends on it. A bust water pipe or broken washing machine may seem minor to you, but living with them can be hell! 6 Show Compassion Don't forget that your tenants are people, not just a source of income, and they have their own lives, problems and dilemmas that can crop up at any time. If a tenant contacts you with a problem- say for example a family dilemma or a personal issue- and requests that they pay their rent a couple of days late, try and judge their plight on a human level, not a business one. A little kindness goes a long way, and your tenant will respect you more you showing compassion. However, don't be taken advantage of or charmed by a tenant looking to push the envelope- this is still your business after all, and you must decide when to be firm or fair. www.canonburymanagement.co.uk Sources: http://www.moneycrashers.com/good-landlord-tips-advice-responsibilities/ http://www.huffingtonpost.com/brandon-turner/five-easy-tips-for-being- b_4362228.html