Investing in real estate is always a good option to consider, but it does mean taking on responsibilities. With the rental market in the US being particularly high, more people than ever are making a profit by renting out property. However, this has led to a huge rise in the number of inexperienced landlords that don’t look after their tenants and give good landlords a bad name. There are some quick and easy ways to become a better landlord in 2020, and the more you improve, the more likely that you will make a regular profit from your tenants and can potentially even expand. If you want to be a better landlord in 2020, here’s what you need to do.
Get Better Tenants
It’s a sad fact that not everyone makes for a good tenant. If you’ve spent time and money on making your property as appealing as possible, you don’t want to move in someone who is going to cause damage or who consistently fails to make rent day. Learn some basic property management tips about finding better tenants, and you'll have a largely passive income that is only good news for your bank account. Don’t rush to fill your property with renters, as this might come back to bite you.
Upgrade Your Property
Before you race to fill your home with paying tenants, you need to make sure that your property is as appealing as possible. This might mean that your property is empty for a little longer, but by investing time and money on upgrades and repairs, you will be more likely to attract the renters that will stay in your property for longer. That means a more consistent income. Look at replacing worn floors, upgrading your plumbing and electrics, and adding modern must-haves like smart home devices. If you have an outdoor area, invest in some landscaping too.
Know the Law
Far too many landlords play fast and loose with local housing laws. Don’t be one of them. Make sure that you have read and understand the Landlord and Tenant Act in your state and get a copy of all the local legislations. Make sure to go over these so that you have a clearer idea of your responsibilities, and with any prospective tenants, and you’ll find that they will be just as happy as you are. Take more time to be professional, and both you and your tenants will benefit.
Listen to Tenants
Once you have moved someone into your property, don’t think that your job is done. If you want to be a good landlord, then you need to be available to listen to their issues and find ways to resolve them. This means more than simply property maintenance (although that too is essential if you want to keep your tenants happy). Listen to their complaints about everything from noisy neighbors to local issues and take them seriously. Your job as a landlord is to make sure that your tenants are happy and comfortable where they live, and if you make communication difficult and resolutions impossible, then you might end up with a property that sits empty for a long time. The better that you manage your property, the easier you make it for tenants to stay long-term. If you want to be the landlord that people want to rent from, start looking at how to be a better landlord in 2020, and your annual profits can only grow.