How to become a successful landlord?
19/08/2015 14:10 | Source: Realestate
Just sitting back and collecting the rents are not enough to become a successful landlord. It takes a little more effort with certain responsibilities.

Nowadays, property is considered a top investment channel and more of us are becoming landlords. But do you know how to be a successful landlord? Here is our 5 essential tips for you:

1. Take notice of your legal responsibilities

As a landlord, you should ensure you are familiar with your rights and responsibilities under the laws. In fact, landlords need to guarantee the safety of any rented property and its fixed appliances and contents. These responsibilities also extend to areas like maintenance and even health of tenants. Therefore, make sure that you know clearly your responsibilities and complete them to avoid risks when renting your properties. 

2. Find help from a property manager

You totally can go it alone as a landlord and manage your properties yourself, of course! However, it would be better if you employed a property manager as a middle man to save you a lot of headaches in the long term.

Generally, an expert in property management can actually maximize your rental returns by helping you with paperwork, simplifying your responsibilities, finding tenants and minimize problems. He/she can make your property investment easier and more profitable. 

3. Communicate and document

Make sure that all related agreements are documented in writing as a lease agreement. And always remember efficient communication is the key to a successful transaction. Tell your tenants about your expectations with your properties: How it should be kept? Any extra notice?  

4. Take care of your tenants

In order to attract good tenants who treat your property as if it was their own, you should make sure your property is well presented and desirable for them. In addition, never skip on reference checks when assessing prospective tenants before signing lease contract. 

5. Maximize your earnings

Be a smart landlord to maximize your earnings! Before pouring your money in rental properties, take a survey on the market and choose a desirable area to invest. In addition, it’s best to seek expert advice.