How to be a Successful Landlord

When you become a landlord, you will not receive as many accomplishments compared to when you are a SUCCESSFUL landlord. Here are 5 top tips on how to be a successful landlord:

#1

Minus the bad tenants

- If you want your payments on time and your tenants to be respectful, make sure you get the suitable tenants from the very beginning. Ensure that they can afford the property by making sure their wage is x3 the amount of the rent, carry out credit checks and get guarantors. It will also be a good idea to check with their previous landlords on their history.

 #2

Keep your good tenants happy

- The best way to maintain your good tenants is to keep their morale high. Look after them, keep in touch and do your side of taking care of the property. It is much more cheaper to keep a tenant than to find a new one. 

#3 
Reward good behavior
- If your tenants are always paying on time or even in advance, after a period of time you could reward them with something simple like a gift card, or allowing them to choose the colour paint of a room.If you reward their behavior, they will most likely continue to be good tenants. 

#4
Get professional help
- Just because you got compliments on the wall you painted in your bathroom 10 years ago, that doesn't make you an expert. It is the best idea to get a professional to do all the maintenance side of things otherwise your handy work may take a turn for the worse and cost you triple the price it could have. 

#5

Treat it like a business

- Know when your working hours, don't work too little and don't over work as it will overwhelm you. You need to get the balance right and treat your rentals as though they are your own business, because they are.