Thinking of putting up the rental signs? Before you do so, it would be advisable to go through the following points that enumerate the various aspects of being a landlord. Though the term "landlord" does have a nice ring to it, you should keep in mind that it is a long term commitment that can demand your time and efforts.
- Though you may have excellent skills in sales and accounts, remember that a landlord should be a people's person. He must be attentive to the requirements of the tenants and should establish a good rapport with them.
- For a good landlord, it is important to choose the right tenant. Out of the many prospective clients who come to see the property, you should have an eye to spot out the eligible tenants. The right tenants are every landlord's dream. They keep the property intact and pay the rent on time.
- Rent is not always fixed on the market value. You can vary the rent of the property depending on factors like location, distribution of space, proximity near a school, park or beach etc. Remember to search the various factors that decide the rent like the occupancy period etc.
- The property is going to be someone else's home or office. So take into consideration small repairs and wear issues. If you treat your property with care, the tenants will react to the property in the same way.
- A landlord should also have management skills. If the tenants call you up regarding a problem, do not panic. Stay calm and listen to the problem. Offer a solution that is fair to you and the tenant. The convenience of the tenants should be a priority for you.
Being a landlord certainly has its perks when you consider the monetary aspects. But a landlord needs to be empathetic towards his tenants and consider their needs and requirements. Being a landlord can be a wonderful experience if you have the proper skills in picking the right tenant and maintaining the relationship properly.
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