Managing property can be a bit of a juggling act and involves many moving parts. As a result, it’s vital to get help wherever you can to make life easier for everyone involved. So, if you’re looking to improve as a landlord, consider these tips that could help your business blossom.
- Do some groundwork before you rent to someone. This involves a little bit of due diligence on your part - screen prospective tenants. You should make sure they have a decent credit history, or else they will be much more likely to end in problems such as late or partial payments.
- Use the law to your advantage. Make sure you document everything with your tenants, from a written lease to repair and complaint notices. The more evidence that you have, the easier it will be to ensure the right outcome with any tenant disputes.
- If your building has any hazardous materials, such as lead paint or mould, disclose this information as openly as possible. Being held liable for any resulting health problems could see you facing criminal charges if you’re not careful.
- Adhere to the laws and regulations and your tenants rights. This includes providing a safe and secure domicile for them to live in. Taking responsibility of security and lighting around the residence will keep your tenants safe and satisfied in their home. This also includes keeping the premises in good repair, so keep up to date with maintenance.
- It is your duty to supervise, or at least oversee the supervision of, your premises. So stay on top of your property managers, keep in contact with them and keep a clear channel of communication open. Doing so will keep them in the right, as well as keep you informed of what events are occurring on your premises.
- If things do turn south and a dispute emerges with a tenant, try your best to work it out together. Any issues between you and your tenants should always at least attempt to be handled without the introduction of lawyers, as this will cause a number of headaches, as well as court fees. Handling something like a noise complaint or rent not being paid on time can be resolved with a simple conversation if you’re lucky, so it’s always worth trying.