Become an outstanding landlord
Becoming an investment property owner is just the beginning of your journey! Now that you own a rental, you will have to become a landlord, manage your property and support the needs of your tenants. Being a top landlord will help you get the most out of your investment and succeed as a rental property owner! Here are a few things that you can do to become the best landlord for your investment property!
Create a plan for your property
Once you have purchased an investment property, there might be some maintenance and repairs that need to be done immediately before you can rent it out. Creating a maintenance plan for your property can be a valuable tool to manage all aspects of the rental. You can strategically plan for larger renovations to be completed when the home is empty and without disturbing your tenants. A thorough plan also ensures that your property won’t stay without tenants for an extended amount of time. Finding the right tenants during Christmas and the holidays may prove challenging, so planning for the length and expiration of leases can be a great idea for financial success!
Follow laws and regulations
It’s no question that you should be following all laws and regulations required of you as a landlord. Your property must comply with all governmental rules around buildings, health, safety and the Healthy Homes Standard. Make sure you get your property ready for rent before getting your tenants to move in, as any non-compliance can be costly and bad for your reputation. Keeping records of everything related to the tenancy is essential to help you clear up any issues and for tax purposes.
Having a written tenancy agreement is important to set your expectations and protect yourself in legal situations. Ensure that the rental agreement is specific and customised for you and your property. A detailed tenancy agreement is a basis for a successful landlord-tenant relationship.
Find great tenants
Don’t just rent out your property to the first people that apply for your advertisement. Create a tenant screening process. This will help you find quality tenants who pay rent on time and take care of your property as their own. Look for a tenant who has a good rental background.
A rental application is a good way to start, as this will give you basic information about each applicant, such as their name, address, employer information, the reason for their move and landlord references. You can take this a step further and require a credit and background check. Look for a solid financial background.
Ensure that you keep great tenants for a long time, as the process of finding new ones can be time-consuming. Ask if they want to renew the lease before it ends and make sure you are available when they need you so that they also think you are a great landlord.
Be approachable
Being approachable is an important quality that all landlords should possess. Meet with your tenant and explain parts of the lease. Take the time to ensure that they are happy and be available when they need support from you. Being accessible from the start will set you up for a successful relationship and mutual respect, which will likely ensure that your tenants will look after your home. Let them know that you are available for questions whenever they need you and give your phone number and email address, so they can easily get ahold of you. Your tenants will be grateful for an approachable landlord and will likely want to stay on the lease for a long time.
Get things done
It’s important to get renovations, repairs and servicing done as quickly as possible to have a good relationship with your tenants. If there is an appliance that’s broken and hinders the life of your tenants, make sure that you purchase a new one or repair it as soon as possible.
Hire a property management company
If all this seems a little overwhelming for you, or you are already busy with full-time work and running a family, hiring a property manager might be an excellent idea. At Copo, we will do all the management and planning on your behalf. We will find you great tenants and create a lasting and trusting relationship with them, ensuring that they will take care of your property as their own. We help you create a maintenance plan and ensure that you are following all required laws and regulations. A property manager can reduce all the stress and hassle that can come with owning an investment property. You can sit back, relax and enjoy the success of your investment while we take care of everything on your behalf!
If you need support with your property management, get in touch with Copo!