According to a survey conducted by National Multifamily Housing Council, A third of houses are rent occupied. These numbers are even higher in Western Europe. Buying a property, whether a residential or commercial one is a great way to invest but like everything else it also has some pros and cons. First step in the way is finding the right property. A real estate company can draw on several sources of statistical information for helping in accessing the report on the neighborhood. It is well worth to meet them and let them know you are there to purchase commercial or residential property. Building an upright relation with agents will go a long way; you may get off market opportunities in advance of others. Once you have acquired the property then we move on to next stage, with few little tips and tricks you can maximize your profit. In this article we are going to discuss what makes a landlord successful?
Do’s and Don’ts of being a landlord
Don’t Over Negotiate
A real estate is type of a business where you have the negotiation power don’t over use it. Once you have put your conditions and price stick with it. Avoid exaggeration; it is imperative that you should ask what is realistic. Heavy negotiation may cause you to lose your standing as a landlord and it is not good for a healthy relationship.
Don’t Make Friends
A study shows that being friends with your tenants will likely to backfire. One thing to understand here is difference between being friendly and being friends. You should be pleasant towards your tenants. It will help them see you as a person who deserves their respect. Make sure to treat all your tenants equally. On the other hand if you make friends with them they may take you for granted, and expect favors from you so it’s not worth it.
Don’t interrupt their privacy
You are the owner of property, but someone else is now paying you to live in it so you have to respect their privacy. An occupant should get the feeling that he is the temporary owner and a being a good landlord you should not interfere in their matters. You should give tenants a notice if you want to enter their units. A second thing which is important when you are lending your property, you ran several background checks on tenants so you know a lot about them. You should not release this information without their consent.
We love our property I mean who doesn’t? Due to this, we rants about our property and this can make tenant to lose interest. So let the house do the talking it may do a better job then you are doing. The tenant should realize the beauty and perks of house; you don’t have to insist on that again and again.
Don’t Prefer your Choice
Always prefer your tenant’s choice because he is the one paying for it. May be your favorite color is black but tenant may like some lighter shades so you don’t have to impose it on him. You may not realize it but it can turn to be a deal breaker.
Now the Do’s of Being a landlord
Do make them comfortable
Your tenant might move from a different city if you help them to settle in they might stick with you longer. Allow them to make changes as they feel suitable because it’s their home now. If tenant is not able to pay his dues on time for some reasons you should understand their problems and not get upset.
Do keep the deal
You should be professional and keep the deal clean which you signed with tenant. Sometimes there is a chance to earn some extra cash but in this attempt you might turn off your tenant. For example you have promised some free amenities in beginning of deal later you changed your mind and decided to earn some extra bucks this might not look good.
Do Out Source
Last but not least, if you feel over whelmed by dealing all the aspects of being a landlord. You should consider outsourcing it. You could hire Los Angeles Property Management Group to cope all the aspects while you enjoy the perks of possessing rental property.