Are you a new landlord? After closing the deal on a rental property, making any necessary repairs or renovations, and finding tenants, you may be tempted to sit back and wait for profits to come in. It is important to remember, however, that the hard work is not over. In order to develop a good reputation and secure repeat business, like Steven Taylor of Taylor Equities, follow these steps.
Be Responsive
When you first meet a new tenant, make sure to exchange contact information so that you are able to get in touch. Consider writing a welcome letter with information about trash and recycling pickups, cable installation, local attractions such as restaurants and movie theaters and multiple ways to reach you, such as a phone number and an email address. If a tenant reaches out with any questions or issues, be sure to respond quickly and cordially.
Perform Preventive Maintenance
Ignoring your property until a problem presents itself is not an effective way to manage your investment. You will keep your property in the best possible condition, save money in the long run and avoid a great deal of hassle for both yourself and your tenants by performing routine maintenance, such as cleaning out gutters and having the HVAC system inspected annually.
Be Firm
Although your relationship with your tenants should ideally be friendly, keep in mind that it is first and foremost a business relationship. If you do not allow smoking or pets in your rental property, for instance, and you find out that a tenant has violated that rule, there will need to be consequences. Otherwise, there will be nothing stopping him or her from continuing to break the rule, and you will put your reputation and your property at risk.
If you follow these tips, you will be well on your way to becoming an excellent landlord. Remember to take your business seriously, and to maintain order while remaining kind and empathetic.
