What does it take to be a successful landlord?
We decided to list our top 5 traits, a successful landlord will have.
1 - Presentable Property
If your property is borderline habitable, that's just not enough. The key to having long-term success in the rental real-estate market is effectively renting a property that has charisma, is convenient and is presentable. We're not saying your property should have a designer finish but it should essentially entice the prospective tenants, then you can choose who you think is the most appropriate and trustworthy tenant for you.
2 - Trustworthy Tenants
Having the right tenants is absolutely 100% crucial in being a successful landlord. The right, respectful tenant whom you can have a good relationship will more than likely stay for the long-term, treat your property with respect and not cause any issues.
3 - Assess The Market
No one is going to rent your property if you set the price too high. Take a look at the rental market and try approach a price bracket whereby you will leasing at market standards.
4 - Be Respectful
It works both ways, if you want to have a good, long-term and positive relationship with your tenants, it's important to be understanding. Sometimes tenants may need assistance at inconvenient times, but that's what being a landlord is all about. Keep an open mind and where suitable try be the best landlord you can. Your tenants will appreciate it and the word get's spread really quickly.
5 - Be Insured!
Sometimes, things just don't really work out the way you think they will. Always take out insurance on your rental property. One mistake or wrong move by your tenant or any other reason, can destroy a property worth hundreds of thousands. Make sure that you are protected in this process by getting adequate property insurance for your rental.