5 Keys to Being a Successful Landlord
The difference between a successful investment property and one that is failing, seems to be determined by consistency. Successful property inventors are consistent.
If your goal is to minimize vacancy and increase your cash flow, being consistent in your policies and practices might be the key to that success.
5 Keys to Success we have learned by being consistent landlords
1. Thorough rental references and background checks
Background checks give you a clear picture of the kind of person you are allowing into your rental property. Thorough reference checks also give you the best chances of finding tenants who have a good track record of paying on time, taking care of the property, calling in maintenance requests, and not causing trouble to their neighbors. We aren’t afraid to ask these questions when we call previous landlords. You’d be surprised what we learn.
2. Set policies and stick to them
Consistency is key. When a policy is set, stick to it with ALL tenants. When the rules are changed for one tenant, then others will expect the same. It also opens the door for exceptions to become the expectation. Enforce your policies in the same way with all tenants. Once they know you don’t budge when it comes to the rules, they will better honor the policies you set.
3. Maintain your property
Your rental income comes from the tenants. Take care of the properties they live in. If you want to get top dollar for rent and require the tenants to do what they are supposed to, then it would be in your best interest as the landlord to maintain and repair the property promptly. Tenants are more likely to have a sense of pride in where they live, pay on time, and maintain the property themselves if they feel taken care of.
4. Find quality maintenance contractors
Finding contractors who are responsive, flexible, and knowledgeable with maintenance issues is a must! The better the quality of their work, the better it reflects on you as a property owner. When we hire maintenance contractors, they are always licensed and bonded. This means they are professionals who adhere to city code and regulations so you won’t have to re-do any of their work when an inspection occurs.
5. Don’t be afraid to hire a Property Manager
It is a lot of work in the day-to-day life of a successful landlord. If your goal is to have passive income from your rental property while you enjoy your retirement or focus on enjoying your down-time, then a property manager may be in your best interest.
If you’d like more information on the service D&A, Inc. provides, and how we can bring success to your investment, contact us today!
