Would You Make A Good Landlord?

July 3, 2017

When people think about purchasing an investment property, many of them fail to consider if being a landlord would actually suit their personality and lifestyle. Over the years, we’ve worked with countless numbers of landlords who have turned to us for help after realising that managing their property is more work than they expected. The reality is that being a landlord is a very demanding and challenging job. If you’re thinking about becoming a landlord for the first time, we encourage you to read today’s post.

 

What is involved in being a landlord?

You might be tempted to think that being a landlord involves purchasing an appealing property, finding good tenants and collecting your weekly rental monies. Those 3 items alone are all very challenging, but there is actually much more involved in being a landlord! Here are some of the things you likely need to deal with at some time or another:

 

  • Addressing emergency repairs – this could happen in the middle of the night, during Christmas dinner or while you’re on that long-waited cruise to the Greek isles. It doesn’t matter what you’re doing, the needs of your tenants must come first if an emergency arises.
  • Requests and questions – your tenants might run into problems along the way and could reach out to you for help. Locked out of the house at midnight, call the landlord!
  • Dealing with rental arrears – if a tenant falls behind in their rental payments, how will you collect the money you are owed?
  • Tenant problems – you might not always have model citizens living in your property. How will you deal with a noise complaint from the police? What will you do if you suspect illegal activities are occurring on the property?
  • Home and garden maintenance – your tenants are responsible for keeping the property neat and tidy, but there is a long list of things that you’ll be required to do on a yearly basis. Will you handle these yourself or hire a contractor to come in and perform them?
  • Routine inspections – it’s highly recommended that landlords have routine, planned inspections of their property. That’s another thing you’ll need to schedule and conduct to keep things running smoothly!
  • Keeping it legal – as a landlord, you will have certain legal obligations. It’s essential that you work with professionals to ensure that everything you’re doing – from tenancy agreements to insurance to paying your taxes – is above board.

 

If you haven’t already, we encourage you to read through the guide we put together on how to initiate your first tenancy. We have also written a post about some of the common mistakes that new landlords tend to make – another good one to read if you’re just getting started!

 

The ideal landlord

There are some great landlords out there. When we think about what makes someone a good landlord, the first thing that comes to mind is personality. A landlord needs to be diplomatic, but firm. He or she needs to have empathy for tenant concerns, but be able to draw the line when requests become unreasonable. A landlord should care deeply about his or her tenants’ interests. When your tenants are happy in their home, they will look after it better and remain in it for longer.  

 

To be a good landlord, you also need to have an ample amount of time to handle all of the aspects that come with managing a property. If you’re already working 60+ hours a week, you simply will not have the time needed to manage a property adequately. You will need to be personally involved in all aspects of managing your property and understand that you’ll have to make sacrifices in order to do it well.

 

Looking for an easier way to be a landlord?

We’re not trying to scare you off. If you have the time to commit to personally managing your rental property and have the right personality, you could be very successful as a landlord – you might even enjoy it! For many investment property owners, however, the commitment required is more than they’re willing to make. In these cases, savvy landlords turn to property management agencies like First Avenue Property. When you choose to hire a reputable and experienced property manager, you can enjoy the benefits of owning an investment property, without having to sacrifice your time and sanity. If you’re interested in learning more about how we help landlords succeed, we encourage you to get in touch today!

 

Photos

Real Estate = Big Money by thinkpanama, CC BY-NC 2.0

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Filed under Landlord Information \ Property management

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