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How to be a Good Landlord and Earn Good Money

Posted by: Suzanne Perazzini

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 If you want to earn good money from your investment properties, then you have to be a good landlord. That means getting on with your tenants. That way they will stay and not send you a string of emails full of small complaints.

Below are a few tips to achieve this:

  1. 1)   Take on long-term tenants

  1. Time spent now will pay off in the end. Wait until you have found suitable long-term tenants. Every time you change tenants, it costs you in terms of a vacancy period in which you are not earning and the cost of finding someone new. Once you have found such tenants, make sure you run the appropriate credit and reference checks. Don’t take their word for anything.

  1. 2)   Treat your tenants well

  1. This might seem obvious but many landlords don’t actually understand this at all. Letting out a property is a business transaction so treat your tenants as if they are your business partners. They can probably find another property to rent quite easily if they think you are being unfair but this will hurt you in your pocket so it makes sense to listen to what they have to say and to try to satisfy their needs. It also wouldn’t hurt to give them the occasional call to see if everything is going well. This will make them feel you can be trusted and are looking out for their welfare and they will be much more likely to stay for the long term.

  1. 3)   Maintain the property

  1. Keep the property in good condition and make repairs immediately, especially those that involve electricity and plumbing. Not taking care of these issues could lose you your tenant and the value of your property will start to slide. Maintain it as if you lived in it.

  1. 4)   Keep the lines of communication open

  1. Make sure the contract is clear and well understood by your tenants so there are no misunderstandings from the beginning. Clarify what is their responsibility and what is yours. Make sure the line is not blurred between the two. If they leave a message on your phone or send you an email, respond promptly so they know you are available for them. This will keep the relationship professional and enduring.

  1. 5)   Watch those rent hikes

  1. If you have found a good, long-term tenant, then don’t annoy them with an unreasonable increase in rent. Keep abreast of what similar properties are renting out for and keep within that range. If you have good tenants who pay the rent on time and obey your rules, then it could be worth keeping any rent increase to as little as possible. Good tenants are not that easy to come by.

The important thing for landlords is to minimize the vacant periods of the flat so it makes sense to follow these guidelines and keep your tenants happy.

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