April 19, 2014
The Real Estate market is Hot right now, and people are jumping on the Bandwagon Buying Properties and Selling High, Some are Renovating Demised Properties and Selling them close to Retail, and Some others are planning on setting up their properties for Rent.
Out of all those ways of making money though real estate, perhaps the one with the best long term results and the most headaches along the way is setting up properties for rental.
There are ways you can reduce your headaches and make dealing with your tenants a walk in the park, we are going to share a few tips with you that will help you be an Effective Landlord, without the Associated Migraines.
Do Lots of Reading
Do lots of reading regarding rental laws, and go though as many books and courses you can, don’t just shoot from the hip when it comes to getting in this market, Setting up Properties for Rent may seem easy, but there are a lot of laws that you need to be aware of in dealing with your tenants, as well as your obligations and responsibilities to the property itself while it is occupied, remember that Tenants can complain to the Authorities as well if their living conditions are not up to expectation. So make you are up to speed on Tenancy / Landlording Laws of the State.
Make a List of Rules
Make a General List of Rules and post it or share it with all your tenants so that they are up to speed on the rules of living in the property, making rules as you go along simply won’t fly as people don’t really respond well to that kind of interaction, make sure the rules are property defined, and write them down and post them, people are more likely to believe the written word more than anything.
Higher the Rent – better the Tenants
If you set a high rent, expect that you will end up with good tenants; this rule only applies when you talk about properties that are in a good location, you can’t expect to rehab a condo in the slums and hope to get rent like you’re in the Hamptons.
People generally look around for good properties in upscale neighborhoods but if they can’t find them, the second best option is rental, research your area and track down potential upcoming neighborhoods and set up rental properties there to get the best experience.
It’s generally observed that the higher paying the tenants, the less issues you have in dealing with them.
It’s a 9 to 5 Job – Don’t take calls all the time
People get fed up of the Landlording game because their tenants do not have established boundaries, who’d want to get a call at 2 in the morning to fix a leaky faucet.
Remember to establish clearly in your rules that you are available to provide assistance in certain working times in certain days, outside of that people can leave you a message on voicemail number , and establish that any repairs or corrections must be sent in email or written request to be looked in upon.
If you establish these boundaries while making the agreement, you’ll be in a better position and not suffer any severe migraines in dealing with your tenants.