Melton Becoming a landlord can be incredibly stressful and overwhelming. However, here at Professionals Ryder Real Estate, we’re dedicated to making the process as smooth as possible.
- Obtain Good Tenants
Securing reliable tenants is incredibly important in ensuring that your experience as a landlord is comfortable. This may mean that you spend a longer amount of time searching for a tenant, but you will ultimately benefit more by being particular on who you’d prefer to have residing in your property. If you are specific when choosing an applicant, this will minimise the possibility of needing to replace undesirable tenants, in turn reducing the financial risk that’s associated with investing into the property market. Ensuring that you have a suitable budget for any possible repairs at the property, and always considering your tenants requests in regards to any maintenance, will establish and maintain a positive and trusting relationship between tenant and landlord. This relationship is detrimental in obtaining a long term tenant.
- Consider your Tenants Maintenance Requests
Ensuring that you listen to your tenants concerns and consider their requests, is an important aspect of being a landlord. If you respond to your tenants issues in a timely and attentive manner, they will return the favour by being an appreciative and understanding tenant. Allowing your tenants to feel as if they are valued, will mean that you create a positive relationship, giving both the tenant and landlord, a smooth experience within the rental market.
- Educate Yourself on the Property Market
It’s important to educate yourself on the property market both before you rent out your property, and whilst it is tenanted. Developing an understanding of the current market will help you to make decisions on increasing the price of rent whilst the property is tenanted, and will even help you to decide how much you should advertise your property for in the first place. Of course, your property manager will be well educated on these statistics, but it will be much more beneficial for you, as a landlord, if you can understand and make informed decisions. This will also mean that your tenant is being treated fairly in terms of the rent they’re paying at the property, and this will give you a higher chance of obtaining a long term tenant.
- Know Your Rights and Your Tenants Rights
It’s incredibly beneficial as a landlord to ensure that you are knowledgeable on the rights of yourself, and your tenant. This will minimise the risk of any possible conflict or confrontation, and will ensure that all legalities are being followed. Being aware of both parties’ rights, will decrease the chance of issues arising in regards to rental increases, arrears, maintenance requests, lease agreements and even privacy. Spending a bit of extra time brushing up on these rights will save you a lot of time, and money, in the future.
- Get Landlord Insurance
If you don’t already have landlord insurance, it’s incredibly important to consider getting it. Landlord insurance is highly beneficial to ensure that you are covered for any financial costs that may arise from a number of scenarios; water leakage causing damage to the property, a tenant being in rental arrears and many other accidental or deliberate situations that cause any financial loss. Landlord insurance will save you from many extravagant costs that may emerge in the future.
Contact Professionals Ryder Real Estate today, to speak to our experienced property managers. 9743 6400.
