In 2023, the number of renter-occupied properties has reached a high of over 44 million. So it is the perfect opportunity for new landlords to get into the rental property market.
But how do you become a good landlord?
Don't worry, this article is here to help. We've provided some tips for becoming a successful real estate investor and landlord. Let's take a look!
Take Time with Tenants
When selecting tenants for your properties, you need to make sure that they are safe and reliable. This provides you with security. It also fosters a positive environment for others living in the vicinity.
Screening your tenants is the best way to find appropriate candidates. Conduct a background check on everyone that applies to the property. This includes contacting references and making sure that their income is verifiable.
If you choose to put in place a screening process, then make sure that you do so consistently. You don't want to get into hot water around discrimination.
Implementing tenant screening can be time-consuming. As a new landlord, you might want to save your time for other things. Hiring a property management company can help with this.
They can help read through applications, run checks, and even do interviews. This will leave you free to complete your other important landlord duties.
Serious About Maintainance
With real estate investing, keeping your properties in great condition is vital. It might be tempting to leave small jobs for another time. But long-term, regular maintenance saves you time and money on big, expensive repairs.
It will also keep your tenants happy and improve your reputation as a landlord. Tenants will see that you take their experience in your property seriously. So they will make more of an effort to look after the property themselves.
Communication is Key
Being a consistent and effective communicator is essential to being a good landlord. Being clear when communicating helps build a strong relationship with your tenants.
Having positive relationships with your tenants is very beneficial for several reasons. It means that they will reach out if they have any issues or queries, so they can get sorted out fast.
Also, landlords who build trust with their tenants are more likely to keep them long-term. This saves you time and money having to fill vacant properties due to a high turnover rate.
The Law of the Land
Build a good knowledge of the local rules and regulations surrounding rental properties. This will help you respect your own rights as well as your tenants.
A good understanding of the law means you can write clear and concise rental contracts. This prevents any unnecessary conflicts or misunderstandings with your tenants.
If you need support with the legal side of things, working with property managers is a good idea. They will have an up-to-date knowledge of local laws. This means they can guide you on best practices and identify issues before they escalate.
Top Tips for First-Time Landlords
We hope this article helps new landlords with the basics of property management. As a landlord, you will always come across new challenges and things to learn. The way to be a good landlord is to be proactive and commit to doing the best job you can.
If you are a landlord looking for a reputable property management company, choose Re/Max.
We offer a wide range of services designed to save you time and maximize profits. Get in touch with us to find out more about how we can help you today.