It takes a particular formula to become a successful landlord. The key to become a great landlord is determined by your capacity to add significant value to your future investments which leads to retaining happy tenants. If you put these together, this will help you become a great landlord and make more money. But before you decide, here are some tips you should keep in mind how to become a great landlord.
1. Visualise long term tenants.
It is important to think long term when accepting new applicants. The objective of looking for a tenant should not be in short term basis, rather keep in mind that they may stay for at least the next 5 years. During tenant screening, read their references with a thorough and detailed application to make sure you choose wisely. Preparing in this way will help you choose the right tenants for your property.
2. Calculate and pick the right price.
Consider the stiff competition in the rental industry and make sure the price you are offering is within the market price or if possible slightly lower to attract more tenants. If you choose to go overpricing, the tendency is that tenants will look elsewhere first and compare from the rest of the market. In effect, you won’t be able to get the best tenant. You should calculate the best price that could still add significant value to your investment.
3. Value and honor long term tenants.
Just like any business, loyal customers are valued and honored. Long term tenants are the best customers and they deserve attention just as much as the difficult ones. Appreciate them like sending a welcome gift e.g. gift cards as a thank you for choosing your property. Keep in mind that the goal is to build long term relationship with the best tenants.
4. Be firm in your position.
As a Landlord, you need to be firm and professional in dealing your prospect tenants. Wait for the completed application forms and checks before making your choice.
5. Keep on learning the business.
Keep always the passion to learn the business of property management. You need to be equipped with knowledge and skills to face the challenges as a landlord. It’s like any battle, you need to be up to date with the legislations so that you will not be left behind in the market. No matter what size of your property rental business, there is always more room to learn and grow. Invest in yourself and in your business like attending seminars, coachings or enroll in short courses regarding rental management.
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