There is more to being a landlord than just collecting rent and doing maintenance and repairs. Many landlords out there are very terrible, both at treating their tenants and running their business. Being a successful Landlord is not impossible. Below are some tips that will help you know how to become an effective landlord.
Treat Your Business Like a Business
Many Landlords don’t see it as a business, and this can easily explain why they are terrible at it. Treating your property as a hobby is the greatest mistake to make. If you treat it as a business, then you can expect to see some great results. Treating it as a business means respect, system, and organization just like in any other business.
The biggest mistake many landlords make is failing to screen a tenant. You need to avoid doing this because it can result in delayed rent payment, trashed homes, and costly evictions. Finding more about the people who are about to live on your property is important. Screening is a must, the tenants need to be making three times the monthly rent in stable income, no recent felonies, no recent evictions, and good landlord reference.
Treat Tenants with Respect
You should never let your personal feelings affect business relationship. Tenants need to be seen as equal humans and be treated fairly. You are not a better person because you own a property. You will have an easier time dealing with tenants when you treat them fairly.
Don’t Be Too Nice
As a landlord, you should always be fair, but not nice. Being nice can make the tenants and other people walk over you and take advantage of your niceness. The tenants need to fulfill their duties and obligations as tenants the same way you do as a landlord in Cincinnati real estate industry.