Previously this month, we discussed tips on how to find the right rental property. Now we are going to talk about how to become a good landlord for your tenants.
Being a landlord requires a certain skill set. You will need to have the ability to act calmly and maturely in stressful situations. You will also need to be honest and fair but make money at the same time. This can be easier said than done.
One thing you will need to decide is how much rent to charge. If you go with market value or higher, you may get a good initial return on your investment, but that could also mean a larger turnover of tenants. Charging a little less each month will mean less initial return, but you will have a greater selection of renters to choose from, and they may stay for a longer period of time.
Put some of your rent money aside every month towards unexpected expenses and repairs, which always come up when you own a rental property. You must also ensure that the property meets local city requirements regarding safety etc. If you do not adhere to these standards, you could face serious consequences.
Maintain your rental property to a high standard. Before a new tenant moves in, give the place a fresh coat of paint and make sure it is cleaned thoroughly. This way, you will ensure the happiness and welfare of your tenant.
