Shouldn't Be Hard To Be A Landlord With These Tips!
A lot of people want to become a landlord because we have been taught that owning properties is a great way to generate passive income. However, we also know that the myth that being a landlord is tough has deterred a lot of people from becoming a landlord.
But, being a landlord isn’t that hard and it can be a very fulfilling thing if you know what to do and if you are someone who is responsible. Being a landlord isn’t really that hard. Let us break it down for you.
Step 1: Just Be Organised
As a property owner, you will have a lot of documentation at hand. Always make sure that you file all of that safely. Always make sure that you are on top of all your payments and that you keep all your receipts
When you decide to rent out your property, keep your copy of the tenancy agreement in the same place. Also always file all of the payments that your tenant makes to you so that you always know what is happening with the rental and also the utilities.
To make things like paperwork and organisation better, you can always choose to use a property management software that is made for property owners like you.
Step 2: Be Responsive
Your tenant will never know your house as best as you do, so they will most definitely call you for things that might break down or a light switch that they cannot find. Always be available to answer these questions because it will make your tenant’s life easier and when they are happy they are more likely to respect and enjoy living in your property.
Don’t take too long to respond to their requests or messages. If you are responsive the minute you get the message, the faster you solve the issue the faster you get back to your normal life. So being a responsive landlord is a win-win situation for everyone.
Step 3: Communicate
A lot of times, things that are left unsaid can lead to miscommunication. This is why it’s extremely important to always communicate with your tenant and your agent or the people managing your property. You should also communicate with the management team of your property if it’s a condominium or gated community.
This way you can keep up to date with all the meetings, decisions made and topics that they are discussing at the moment. Keeping an open line of communication will greatly improve your life as a landlord and for sure make it a lot simpler. The more information you have the better your life will be.
Step 4: Invest in A Property Management Software
We are always busy and might get caught up in the day to day and it’s understandable that some days you may drop the ball as a landlord.
So why not get someone else to manage it for you? BlueDuck is a property management software and service that will take care of everything from screening tenants, e-signing of contracts, direct debits of rental and even handling all the maintenance requests for you and your tenants.
All you have to do is sit back and relax and answer questions whenever needed. This way you get to thoroughly enjoy the life of being a landlord and not having to sweat the small stuff.
If you want to know more about the what BlueDuck can do for you, you know what to do!
Written by: Tashya Viknesh
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