The first thing that you must realize as a landlord is that your property is an income generator. Your property is therefore the source from which you earn an extra income or even a primary income. This applies to whether you have a room to share or a flat to share.
It is therefore vital that you become the savvy landlord that would make this work to your benefit. It is especially an important aspect if you have invested in an additional property and have a room to share. This is a business and you should treat it as such.
The home you are letting or the flatshare is an investment and you should make sure that it is looked after well. This does not mean that you would treat your tenants with disrespect. They have to pay the rent at the end of each month, but that does not mean you have to treat them in an uncaring way.
One of the ways to show that you do care, is to make sure that you do any repairs timeously as well. This will give them the incentive to be diligent about paying the rent too. Another possible incentive could be that, instead of the rule of “first month and last month rent agreement, ” the agreement could be modified.
For example, the first month has to be paid, and the “last month payment” could be kept for when damages occur. The possibility exists that this could assist with minimizing damages. Therefore, if no damaged occur, it could then be converted to the last month’s payment.
Building a good relationship with your tenants will help your rental service go a long way. Some ways of doing this is to be courteous. Devise ways of making them feel wanted and follow-up on how things are going. Being visible as the landlord does help with developing good relations.
What is important is to have regular inspections and do the repairs immediately so that you do not have to deal with emergencies at the end of the day. It is important to check on toilets, sinks, air conditioning systems and pipes so that it can be replaced before anything breaks.
By keeping the property in good condition will assist with its rental. You will not have to deal with an empty property for long periods. A great idea is to get a stand-by contractor to do your repairs. Unless you know what you are doing, do not attempt at doing repairs yourself.
Even though the tenants do clean the home or flat, you do need to set up a schedule for thorough cleaning, especially if you have carpeting on the floors. By doing this you will keep the home neat and clean for any time that you need to get in new tenants.