It takes special know-how to be a successful landlord, and with the tips below, you can be one yourself.
1. Manage Expectations on Rent from Tenants
Since your rental income is the whole reason you do what you do (landlord), collecting it on time every month should be the priority. If the rent is due on the first of every month, each tenant should be paid by the first of each month – no excuses. Always manage expectations with your tenant and the rent arrangement. How will the rent be paid, by when a landlord should’ve received the rent, etc. It will always be good to include a clause on late rent payments! This is to protect your interest as a landlord a develop a mutual understanding of the rental arrangement.
2. Learn Everything You Can And Know Your Rights
Landlording requires more than just collecting the rent once a month. Know your obligations and rights through news & articles about the property, building management, taxes, and insurance coverage. Psst, remember to maintain relationships with your tenant & property management team too! The more you know, the better equipped you are to tackle tricky situations, if there are.
3. Make Appropriate Renovations & keep it in a good hand
Landlords have a duty to maintain the overall structure and exterior of the property, make sure the property’s covered with the necessary insurance, as well as resolve any issues related to utilities (gas, water, electricity). In the event that any of the appliances break down or the furniture requires care, the landlord should be responsible for it – unless the items were blatantly spoiled by the tenant. Repairs should be carried out on malfunctioning appliances fast, so as to not inconvenience the tenant.
4. Get an Agent to assist you
As an investor and landlord, you probably look for every way possible to save money. This might include getting your property rented out early to avoid forking out cash from your pocket to finance the installment. An agent will help to rent out your property faster based on their networking and how they promote social media and listing platforms like PropertyGuru and many more.
5. Keep Organized
One of the keys to any successful business is organization. This holds especially true for landlords. With that, you need software or a proper place to keep up your tenancy and property-related documents! Fully utilize your BlueDuck landlord portal today. All you need to do is only to register an account and use it for free. You can keep all your forms, receipts, or even insurance certificates in the portal. Easy access anywhere, any time!
So, how do you keep good tenants? By having clear communication and managing expectations with your tenant, honoring the agreement with mutual respect. Through managing expectations, you can easily avoid the costs and headaches of unnecessary tenant turnover. By having mutual respect and attending to relevant property maintenance needs, you can hold onto those dream tenants for years to come
If you’re still looking for ways to rent out your property faster, check out our BlueDuck Zero Deposit, covering both residential and commercial properties!