There are many rewarding business opportunities in the real estate world. The incredible success of real estate savvy Steven Taylor is a testament to this fact. Steven is remarkably successful in spotting and utilizing lucrative investment opportunities in apartment redevelopment and property purchases.
Being a landlord is one of the most profitable ventures in the real estate business. However, although it might seem like a stress-free job, it does have its challenges. You need to learn how to deal with stubborn tenants, take care of your property, and deliver expectational services to attract tenants. Below are three useful tips that can help you navigate this minefield.
Learn the Lease and Tenancy Laws
Every state has its own unique set of tenancy laws that describe the rights and legal obligations of both the tenant and the landlord. In most states, these laws govern aspects such as lease price, security deposits, eviction, property care, tenant agreement, and legally actionable situations on the part of either party. Make sure you understand your state laws concerning the tenant-landlord relationship not to implicate yourself in legal liabilities.
Respect Your Tenants
Being a landlord is just like running a business, and your tenants are the customers. As a business person, you obviously want to attract and keep your customers. Showing respect to your tenants is an excellent way to cement your relationship with them. Listen to their concerns, tend to their every need, and take their suggestions and even criticisms into consideration.
Maintain Your Property
You must ensure that your property is clean and well maintained to keep your tenant happy and willing to stay. Hire a cleaning service to clean the compound and building, trim the lawns and landscape, and dispose of waste and garbage. Also, ensure that you make prompt repairs as soon as any damage to the property is identified.
Keeping your tenants happy is all about doing your due diligence as a landlord. Remember, you probably need your tenants more than they need you. So, it’s best to create a mutually beneficial environment by meeting each other’s expectations.