When you decide to invest in rental property, it automatically makes you a landlord. There are many things you need to handle while occupying this role. It can be both challenging and awarding. Some people consider a landlord has similar role with a teacher. However, a landlord has another thing to focus on which is the business itself. The main job of becoming a landlord is to protect asset just as to get the most out of for long term. Thus, it sometimes requires a landlord to become a bad guy as well depending on the situation.
How to become a good landlord by following rules
Becoming a good landlord doesn’t always mean you have to do everything the tenant demand. You need to have control over your asset and it includes your tenants. If you let things slip your tenants most likely will start to walk all over you. Thus, you need to have rules as well as enforce them. Here are some examples of them:
- The first rule is about the payment. You can be aloof landlord by letting your tenants to pay a bit late. However, you need to enforce the rule with more certainty instead of relying on your mood. It is better to allow certain period of five or seven days but you have to act on it if it hits the mark. You may charge extra fee for the tenant who pays that hits the mark. This is not something that can make the tenant breaks the bank but it is effective to make them try harder to pay on time for the convenience of both parties.
- Next rule is about smoking. Even though the number of people who smoke has decreased in the over the past decade, there is still large number who still going for it. Smoke smells can impact directly your future demand. If your property reeks of smoke smells, the possibility of having tenants will be smaller. It is something you have to deal with. You can either allow smoking outside or provide stale smoke.
- There is also rule about pets you need to handle with. To become a good landlord sometimes makes you face some dilemma. You may have realized that many renters indeed have pets and if you just not allow them then it means you cut off a large segment of potential renters. However, you may face potential negatives if you allow them. Thus, you need to make clear rule about it. Make sure to make a rule that benefits you, your tenants, as well as the environment.
- Next thing to consider is condition of your property. It means you need to have a monthly schedule for a walkthrough. You need to schedule it a week in advance for convenience. You don’t want to surprise your tenants by sudden visit. However, this is important thing to do to ensure that the property is in good condition without crossing the line between you and your tenants.