If you are on the road to becoming a successful landlord, then here are a few things that you should consider doing consistently to become a successful landlord:
Run Your Property as a Business
Don’t treat your property as your personal bank account, run it like a business with its own bank account, profit and loss and contingency funds.
You ARE the Marketing Department
Facebook, Twitter, Craigslist, Kijiji – these are just some of the places you’ll want to promote your property on. Also make sure to invest in the services of a professional photographer, great photos can make a huge difference.
Make Sure Your Lease is Up to Snuff!
Don’t just download some boiler plate lease off the internet, make sure that your lease covers the specifics of your rental property. Pay a property lawyer to look it over for you.
Always Screen Your Tenants
Meet your prospective renters, then once you get a good feel for them, run a credit check, talk to their previous landlords and while you’re at it, give their employer a call to confirm everything.
Keep Your Tenants Happy
Cashing their cheques on time, having a late rental policy, handling any issues with the property quickly and generally anticipating their needs are just the start of a healthy relationship with your tenants.
When your tenant calls or emails you, keep a record of this interaction. In fact, keep a record of every interaction. Share these notes with your tenant so you can remain on the same page at all times. Tools like Google Drive or Dropbox or Evernote can help you accomplish this.
Ensure Your Property!
Things can get out of control!
Regular inspection Works and you will see if your tenants are taking care of the property.