Being a successful landlord involves more than simply collecting the rent each month. Understanding legal requirements, adapting to problems, and being compatible with many different personality types are all essential skills.
Not only skills, you also need tools to manage and market your property better. For example, you should use websites that let you to advertise rental property for free. You should also use property management apps that can help you with rental management, maintenance, and so on. And don’t forget, there’s a toolset that’s called social media.
As you can see, being a landlord is not everyone’s cup of tea. However, the opportunities are there for you to seize – if you have the right mindset and skillset, that is.
That said, if you’re considering becoming a landlord, or have started your journey and are wondering how to prosper, this article has collected some top tips you should be aware of.
1. It is Not a 9 to 5 Job
Your days will be spontaneous, not structured. If you’re used to conventional working hours, the life of a landlord is quite different. One day you might only work for an hour or so, but the next be in for 15 hours. The nature of your work is largely dependent on demand. The job does create a level of flexibility, but your obligations lie with prospective tenants. They can change on a dime; you might be expecting someone to visit your property for ten minutes, but all of a sudden a tenant has a plumbing leak. Of course, you’ll need to address the situation yourself before you move forward. This could take a few hours, so it’s important to be prepared for these eventualities. Though it’s a sporadic job with many responsibilities, the nature of tasks are unlikely to be too strenuous. This means you can take a hands on approach without feeling pressured.
2. Landlords Wear Many Hats
Landlords have many duties and responsibilities. If you’re an adaptable person who takes things in stride, you’re probably well-suited to this role. To give you an idea of what to expect, here are some examples of the roles you’ll play as a landlord:
- Debt Collector
The varied duties involved will ensure you’re never bored. You’ll advance your life skills considerably, so it’s best to embrace multiple roles with a laid-back approach.
3. Legal Rules to Follow
Unfortunately, being a landlord is not as easy as buying a property and renting it out. If so, everyone would be doing it. You need to be a certain type of person to be successful in the industry. With many legal requirements, you’d be wise to research accordingly. Once you’re up to speed with the laws, you’ll be perfectly positioned to become a successful landlord. Some legal points of consideration include:
- Avoiding asking certain questions when interviewing prospective tenants
- Fair Housing laws dictating discrimination
- Methods for handling a tenant’s security deposit
- Housing safety codes (for example hard wiring smoke detectors)
- Health codes
Make sure you’re up to speed with everything to avoid problems later on.
4. It’s a Learning Curve
You will inevitably hit some bumps along the way, but that’s OK. Being a landlord is a learning curve, and there’s only so much you can learn from reading. Your knowledge will expand on the job, where experience is a great teacher. After being a landlord for a while, you’ll rely on logical steps. Instincts will help you succeed too, and with time you’ll learn to choose the best tenants for your properties.