5 Behaviors and Traits of Successful Landlords
Tips That Can Help a Property Holder Become a Thriving Landlord
Do you own rental property in Summerlin, NV? The idea of being a business owner in any real estate market can seem difficult, but here are some landlord tips that can help a frazzled property holder become a thriving landlord.
1. Know who to call. Watching online video tutorials or hiring a stranger from the classified ads can be the wrong way to save money on important repairs. Issues with plumbing should be addressed by a licensed professional with experience in commercial plumbing. Hiring skilled and reliable professionals to service your property can prevent the loss of revenue on faulty repairs and unqualified laborers.
2. Educate yourself. Landlording requires knowing local, state and federal laws and regulations. Understanding the required standards for your property can help you to stay out of legal trouble, and doing so allows you to financially prepare for the costs of upkeep.
3. Always be proactive. A leak in the roof or a burst pipe in the plumbing can cause extensive flood damage. Keeping your property in good condition may help avoid large, costly complications that can burden you and inconvenience your renters. Inspections and routine maintenance should be a priority so minor issues don’t become major expenses.
4. Don’t go with your gut. A good renter cannot be identified based on first impressions; therefore, you need to have a screening process. Background checks, credit reports and previous landlord contacts are ways to make certain you know who is signing the lease. Finding a great tenant through vetting helps guarantee the rent is paid on time.
5. Communicate clearly. Direct communication with tenants is vital. Establish a clear protocol so renters know how to contact you. Create clear boundaries regarding what issues warrant contact, as well as how you prioritize repairs and maintenance.
In order to be a successful landlord, you need to be mindful of your actions and priorities. Do not throw away money on the electrical work or plumbing repairs by hiring amateur handymen. Educate yourself regarding the law, and on how to keep your property in excellent condition. Be selective about who you rent to, and communicate well with your tenants.