What does it take to be a good landlord? A lot of you might think it’s easy. There’s a stereotype attached to the landlord; a lot of people see them as making easy money and doing not a lot for it. But the reality couldn’t be more different. Here are 6 things every landlord should have.
1. The Ability to Multitask
As a landlord, you’re going to have a lot on your plate. You’ll be dealing with problems that your tenants have, trying to get that pesky handle fixed and sorting out your tax payments. There is rarely a quiet moment for landlords.
It’s not the job for you if you struggle to keep lots of plates spinning at the same time. It can be fun too though! The quiet, boring life isn’t for everyone.
2. A Good Lawyer
There are all kinds of problems that can arise from being a landlord. And, unfortunately, some them will require the help of a lawyer. If you’re thinking about becoming a landlord, find yourself an honest, reliable lawyer straight away.
Many landlords face disagreements with tenants, so you need a lawyer in your corner to fight any legal battles that arise.
3. A Nose for a Potential Bargain
The first thing a potential landlord needs to do is find the right property. The best place to start the search is at property auctions; you’ll find a lot of great bargains this way.
Make sure you do a lot of research beforehand if you are going to buy at auction though. Most auction properties have problems and faults, that’s why they’re on the market at low prices. So prepare yourself for a renovation job.
4. A Trusted Builder
You can undertake all that building work by yourself if you like, but it’ll be a lot quicker (and probably a lot better) if you use a professional builder. If you have a friend who is a builder, or you have a trusted builder you regularly use, get in contact with them.
You’ll need to use builders regularly and have them make checks to the house. Therefore, it’s best to build a long-term relationship with your builder, rather than use a different one each time.
5. The Right Insurance Policy
Fire damage, flood damage and malicious damage are just some of the ways in which catastrophe could hit your property. Think about it, you don’t know your tenants well. You hope that they’re responsible, but you can’t always be sure.
That’s why it’s so vital to have the right landlord insurance in place. There are websites that offer you the chance to compare landlord insurance, so take full advantage.
You can face so many problems as a landlord and losing your temper won’t make those situations any better. In fact, that’ll make a bad situation a lot worse. Patience is the key to keeping everyone happy and resolving conflicts.
So, if you’re no good at diplomacy, you might want to look elsewhere for a new career path. But if you know how to stay cool under pressure, why not take the plunge and go for it?