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Becoming a successful landlord takes much more than some extra money and a rented-out property. There are many factors a landlord should take into consideration for his investment to flourish.
• Be on top of upkeep and repair – The bottom line is that you own the property and how well you maintain it is going to impact your investment in a positive way. It also keeps the tenants happy and over a period of time, it will help you save money and time on potentially larger, more problematic damages that have not been tended to in the first place. Remember the saying “A stitch in time saves nine.”
• Treat your role as a landlord seriously – Set it up the way you would set up a business and streamline all processes accordingly. Pay attention to all the nitty-gritty of issues and make a conscious effort of resolving them immediately.
• Visit often – Do not be an absentee landlord. This means, avoid renting out your property, taking the cheque and vanishing from the scene. It is vital that you stay in touch physically by periodically visiting the property. This not only helps you keep an eye on things, but also assures the tenants that you are vigilant and always there when a crisis arises.
• Maintain records – Protect yourself and your business as a landlord by making sure everything is properly documented.
• Take on the right kind of tenants – Ensure you avoid individuals with a bad track record when it comes to paying on time, or those who seem dodgy because over time, this can lead to late payments and even a damaged property.
• Treat your tenants well – Be fair, listen to their woes and be sure to take care of complaints right away. By doing so, you encourage a positive and well-reciprocated tenant-landlord relationship which can be a win-win situation for all of the parties involved. However, if you are a difficult landlord and make life tough for your tenants, chances are, they will ultimately treat your property as you have treated them.
• Encourage a positive and well-reciprocated tenant and landlord relationship
• Check the lease documents, payment records and visit the property regularly
• Listen to tenant complaints and have maintenance problems fixed right away
Source: Saadiya Ahmad, Special to Properties
The writer is a freelancer