3 Simple Rules To Succeed As A Landlord

Posted on 23rd July, 2018

[vc_row][vc_column][vc_column_text]This may come as a shock to you, but I genuinely believe most landlords out there are awful. Being a landlord entails a lot, but it is a doable task. Most visionary landlords get better at the job over time, while others, on the flip side, are bullies. While the work of a landlord may prove daunting on occasion, some landlords are still managing to hold it together. So, the question is: how do you not suck as a landlord? I have just 3 very simple rules that will help you thrive as a landlord. So, here we go:

Don’t Discriminate: We are only human, so it is normal that we sometimes have certain beliefs. However, when it comes to business, those sentiments cannot reflect on how you address and treat your tenants. It is important to follow housing regulations when it comes to admitting tenants. It is illegal to discriminate on the basis of race, gender, skin colour, and/or nationality. There must be a level playing field when dealing with tenants. Discrimination in any situation doesn’t reflect positivity, and tenancy is no different. You, as a landlord, must show that you can cope with the emotions, pressure, and attention that may come with having different tenants from different backgrounds. Discrimination and lawsuits are closer than you think, so, to avoid further tension, make sure you have an open mind when dealing with tenants.

Carry Out a Full Background Check: Having great occupants will help you as a landlord, and you will be able to avoid rental difficulties. Luckily, as a landlord, you have absolute control over who you lease your property to. Leasing to friends or family members can be difficult in the long term. When leasing to individuals you don’t know personally, make sure a proper background check is carried out on them. Get information about their past rental history, their reasons for relocating, and their salary. You are advised to search for, and acquire, every pertinent file relating to their past tenancy. Maybe the greatest oversight proprietors make is letting in the wrong type of individual. This can prompt late lease, destroyed homes, and exorbitant expulsions. Basically, individuals can fake it, they can lie about some of their past experiences; however, if you are unrelenting and patient you will most likely unravel their lies.

Run It As a Business: As I said before, numerous landlords are awful at maintaining their business, and I trust this is, to a large extent, because they don’t see their enterprise as an enterprise. As such, they treat their enterprise as leisure. If you treat your “landlording enterprise”, with the same regard and regulation that you would treat any other type of business with, wonderful things could happen.

For instance, when is the last time you flicked through an informative book on business administration? Or, what framework do you have set up so that business concerns can be settled without your immediate contribution (on the off chance that you happen to take some time off the day a gas supply line breaks)?

You can definitely succeed as a landlord, you just have to keep a tightly-run ship, run it as an enterprise and look forward to your cash inflow at the start of every month.

A successful landlord will have the landlord advice helpline on speed dial. FREE specialist advice from qualified lawyers is a must-have for all private landlords. They can help with anything from tenant disputes to arrear and debt collection.