Guidelines for landlords – Managing your rental business
By Sadiya Anjum
It is always easy to make a commitment to something if you want it badly enough. But after that, nurturing and seeing through that commitment is what really counts. Similarly, once you’ve invested in a property taking care of it and getting the best out of it is the real job. A good management system covering all aspects related to your property is what it takes to avoid getting headaches every single night. This article will tell you what it means and takes to be a good landlord. It will help you avoid problems and handle your rental property in the best manner possible.
The first aspect you need to deal with is managing the property itself. The property needs to be maintained well at all points whether or not it is occupied. Maintaining it includes getting things repaired, checking for leaky pipes, peeling paints etc. To keep yourself on top of things work out a plan where all the repairs and jobs required are done regularly and automatically.
The next thing you need to tackle is the paperwork. From tax and bank issues to leases and tenant letters, all need to be documented and handled well. Consult and attorney for legal issues and a tax accountant for every issue related to taxes. As far as your maintenance work for tenants goes, make sure you document the issues they raise as well as what you do to tackle them.
To avoid unnecessary hassles with tenants and the property itself– lay down the law. Compose a policy for every issue regarding the property. This means knowing exactly what you are going to do in any given situation. For instance what includes violation of a rental agreement. As long as you know what the policy is, it will just be a matter of following through it.
Supposing the tenant has violated the rental agreement – what is the first step you are going to take, what will you do next if the problem remains unsolved etc. Knowing exactly how you are going to act on the policy is what your procedure will include. Every policy should have a procedure involved. Laying down the law isn’t enough, implementing it is just as important.
The last aspect and an unpredictable one is with regard to the people involved. You need to know how you are going to deal with the various people who are part of your rental business. Deal with tenants in an official manner. Your relations should be cordial and avoid getting involved with personal matters at all costs unless it is a serious issue. (Make sure you have a policy on this too!) Apart from your tenants, maintain healthy relations with the people who are going to work for the property – the electrician, plumber, caretaker etc.
Being a landlord is a tough job. But some organizing and working out an efficient management system can make your job easier to handle. For more details you can always purchase an automatic system for rental property management online which will detail the steps, policies, procedures and forms involved.
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