A large number of investors buy property with the intention of making a profit from rental income. On paper this looks easy, but being a landlord can sometimes be harder than you thought considering all the rules and regulation in the industry. The following points are key to becoming a successful landlord:
1. The Internet is Your Friend
As a landlord you will have to be very informed on rules and regulations concerning you the landlord as well as the tenant. The Internet is a great place to research these issues as there are special forums and sites for landlords. Also, the Internet is a great place to advertise you property should you be looking for new tenants.
2. Join a Landlord Association
These associations are a great place to pick up tips and advice on land lording. You are sure to gain a lot of knowledge that will empower you to for fill your duties as a landlord.
3. Keep on the Right Side of the Law
A landlord should obliged to provide tenants with a safe premises. Make sure you are informed of your obligations and manage it properly. Always keep in mind that there are laws against discriminating against race, religion and gender, so treat applicants with the necessary respect.
4. Get Good Insurance
As with all other assets, you should get insurance covering your property as well as your own contents. There are specific insurance packages for landlords that protect them should tenants sue them for injury or negligence.
5. Always Run a Credit Check
Tenants that are unable to pay their rent are a landlord’s worst nightmare. There are many agencies available in that will run a thorough credit check on potential tenants for a fee. Be sure to pick a tenant that has a good credit record.
6. Cover Everything in the Application Form
You application form should be comprehensive and should include contactable reference as well as a section for the applicant to declare an understanding of the terms and conditions of the contract. Keep all the documentation for legal purposes.
7. Consult a Lawyer
Drawing up a contract should not be done without consulting a lawyer. Make sure that you understand all the section in the contract.
8. Be Swift With Maintenance
Should the property need any kind of maintenance, get it done as soon as possible. You don’t want tenants to withhold rent until repairs are done.
9. Administer Security Deposits with Care
Keep record of all deposits and be prepared to pay back the deposit as soon as you have inspected the property for damage.
10. Pick an Agent Carefully
If you are planning to use a rental agent, make sure you pick one with experience and a proven track record.
As a landlord you have to face a lot of challenges, but being organized and keeping informed are the key to your success. Being a thriving landlord will also ensure that your property investment exceed all your financial expectations.
Author Resource:
Elizabeth works for a online real estate portal called SAHometraders which specializes in advertising property for sale in all areas of South Africa. Visit http://www.sahometraders.co.za for more information.
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