You may think the hardest part of owning a rental property and acting as a landlord is finding quality tenants but you’d be wrong. The real work begins once your tenants sign the lease and move into your property. It can be stressful owning a property that relies on a third party to pay the bills. We have four ways to habits to help you be a stress free landlord.
Routine and consistency are your two best tools when it comes to being a successful landlord. When you draft your lease, explicitly state the rules for the tenants including rent due date, late fees, pet policies, and things like smoking and lawn maintenance. Make sure you collect the rent at the same time and in the same manner every month and enforce the terms of the lease. That means not giving your tenant a pass on late fees or bending the rules despite the saddest sob story they can tell you.
Seek Out Professionals
Drafting a lease agreement shouldn’t be the only time you seek out professional help when it comes to your rental property. Unless you’re a master carpenter, plumber, and electrician chances are you’ll need the assistance of one at some point during your tenants stay. Hiring a professional can save you time and money by knowing how to remedy the issue in the most efficient and effective way possible.
Put It In Writing
Whether it’s a no smoking policy, a change of address, or late rent notice…put everything in writing. If you have any verbal conversations with your tenant back it up with a summary email. It’s also a good idea to keep a record of when you received each month’s payment and in the form it was made (check, money order, electronic payment, etc.).
Respect Your Tenants
Your rental property is a business and your tenants are your customers. You should want to keep them as happy as possible without putting yourself in an uncomfortable financial position or setting expectations too high that they can’t always be met in the same way. Keep your communications limited to specifics and within normal business hours, if possible. Finally, adhere to your obligations under the lease. Make repairs and respond to questions from your tenant in a timely fashion.
Owning and managing a rental property doesn’t need to be a stressful situation, even if you got into the business because you had no other option.