Do You Have What It Takes To Be A Landlord?
Finding the right property in the right location can be like finding buried treasure, and it happens all the time. A nice rental property can turn into a great investment and source of revenue for years to come, if you’re willing and able to do the work of a landlord. But that’s the question, isn’t it? Do you have what it takes to be a landlord?
Treat It As a Business
Unlike the deadbeat landlords of television and movies, managing a property shouldn’t be treated like a hobby you can complete in your pajamas. Owning and managing a rental property, no matter how small, is a serious business. It’s hands-on real estate investing that can give you a good turn around for many years, if you’re diligent. With successful business in mind, then, there are clear policies and parameters you should put in place.
You can definitely handle the stress of being a landlord, if you anticipate problems before they arise. When you’ve found the right renters, have them sign contracts that clearly spell out expectations of the property. For example, rent is always due on the 1st of each month. If rent is late, there are fees. If rent is late for an extended amount of time or frequently, there is legal action. Create clear policies on parking systems, pet and smoking fees, etc. All of these policies will make for a professional situation that takes the stress out of a landlord’s life and the mystery out of a renter’s.
Many landlords run into problems when they let the rental property become their life instead of their job. Remind yourself and your renters that being a landlord is your job by posting clear business hours and work email accounts. Continue to keep things professional by hiring reliable maintenance workers to meet the needs of renter complaints and property upkeep. You have what it takes to be a landlord, if you treat it as a business with planning, purpose, and efficiency.
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