This is a collaborative post.
As someone with a home that is currently surplus to requirements, you can choose to sell, of course, or you can choose to let it out to a budding tenant. If you’re in the fortunate position of being able to hold onto a piece of real estate or a piece of land, then you may as well make a little passive income on the side. This, of course, makes sense if you’re willing to put in the work and have such a job hovering over you. Becoming a landlord to a willing tenant has had its controversies in the past, but if you do your part, then the partnership could end up being an amicable and smooth one. How can you become a wonderful and successful landlord?
As the owner of a property, you’re going to obviously want to keep everything in order while bringing in the money from those possessing it. In order to do this, you’ll have to focus on being a good landlord – too many people are interested solely in the money, and they’re pretty apathetic towards the well-being of the tenant(s). Here are a few things you’ll have to do in order to ensure you have a successful, reputable time as a landlord:
Treat That Property Like A Palace
So often you see rented homes go viral because the landlord didn’t take good care. Don’t be like those in the viral photos and videos. While you may not be in direct possession of the home, it still belongs to you, so be sure to treat it as it deserves to be treated. You’re going to want your tenants to be happy with the looks, the feel, and the facilities inside. If you have some home improvement ideas, then be sure to pursue them and see if you can’t improve the place for those looking to rent.
Set Your Rules Out Early For The Tennant(s)
Whenever tenants and landlords fall out, it’s usually due to the fact that they’re not agreeing and not getting along when it comes to some of the fundamental points. Set your stall out earlier and make it known what you expect and how you expect them to behave. Make sure you’re not too strict and allow a little leeway because every personality is different. Be confident with what you say, though, and they’ll likely respect your requests.
Get Professional Help
If you feel as though the admin work and the overall overseeing of the property might be a little difficult, then you can always get a property management firm to help you out a little. There are companies around that deal with the likes of Residential Block Management and many other services – they’ll take over and help with the maintenance, upkeep, and finances. They’ll basically keep everything running for you and report to you with results – for a fee, of course. You can also join a Guaranteed Rental Scheme such as the AMS Housing Group one which means your rental income is safe if your tenant fails to pay!
In order to get people attracted to the room or home you have, you’re going to need to promote it and make sure it looks fantastic. Take pretty photos and be exuberant in terms of the way you describe the property. Lots of people aren’t going to be vying for an ugly, cold, damp, and boring place.
Are you a wonderful and successful landlord?