Tips and Tricks to Make Your Job as a Landlord Easier

Tips and Tricks to Make Your Job as a Landlord Easier

Being a landlord can be an exceptional career choice, whether it is a full-time career or a part-time gig. Unfortunately, some natural stressors come with the job, whether you have been in the business for years or are new to it. Luckily, these tips and tricks can make your experience as a landlord as easy as pie.

Always start with a background check

This may seem obvious, but it’s easy to overlook. Including a tenant background check in your rental application is the easiest way to ensure you have responsible tenants living in your property and treating your home with care. While it may be an extra step that can take a bit longer to process, think of it as an investment in your property and the ease of your job down the road.

Have a no-pet policy

Pets, especially cats, can create a lot of extra work because they tend to smell and scratch. Even if you are having your tenants use their own furniture, pets can leave a buildup of hair, scratch wood panelings and floors, and leave an odor that can be hard to get rid of. If you do allow pets in the space, ask for a deposit up front to cover any damages.

Don’t invest unless you get an ROI

It is easy to buy a house and flip it with extreme renovations — new carpets, stainless steel appliances, marble countertops. But only do this when you are sure it will help you get a higher rent payment. While nice interiors are appealing, a bunch of other details can go into the justification for charging high rent such as the neighborhood and school district, amenities nearby such as supermarkets and shopping malls, and even parking. So with this in mind, only invest in a renovation if you are sure it will turn into a return. Don’t just renovate for the sake of renovating.

Collect rent online

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Going around and collecting checks can not only be time-consuming, but it can also cause a headache if the checks bounce or are denied. Bypass this all together by collecting rent online, either through a secure payment platform such as Paypal or through a money transfer at your local bank.

Check in regularly with your tenants

Many people think that all communication with landlords is inherently bad. Many bad landlords out there have made it hard for others to be respected. Think of your relationship with your tenant as a business partner relationship — after all, you do exchange money and work with each other to ensure an overall goal is met. You’ll want to encourage communication between you and your tenants, so check in on them periodically. Make yourself available in any way you can, and let the tenants know to report any maintenance problems accordingly. Creating an open and honest relationship from the get-go is the best way to ensure your job is as stress-free as can be.

Choose smart technology

Tenants nowadays love to experience the latest and greatest technology. And because we live in the digital age, you can put a ton of different things in your house to attract tenants. Think of smart locks, smart thermostats, motion-sensor lighting, and Wi-Fi extenders to really pack a punch when creating your listing.

Being a landlord is a detail-oriented job. Following the above tips and tricks can go far in creating a job that gives both you and your tenants a feeling of ease!

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