If you are thinking of starting real estate investing, now is the perfect time to do it. Amongst the many corners of the industry is landlording.
Here are a few of the easiest landlording tips that will bring you real estate fortune.
No Lock Door Handles
If you change door handles after each tenant goes out, you will only be changing deadbolts. A no brainer, this will save money and time.
Tenants are Employees, Not Customers
It's people's nature to treat tenants like customers, after all, these individuals are purchasing products and services from you. Their money is exchanged for shelter, making them a hundred percent customer, right?
Well, this idea is wrong. Truthfully, they should be more like employees and you are the boss. Their primary task is to provide money as payment for providing them their shelter. Tenants and employees need rules which should also be followed strictly.
On the other hand, customers are always right, which means that this is not one of the many tenants and employees' privileges. Great employees make money for their bosses just as tenants give landlords the opportunity to gain income.
The Property Should be Well-kept
Elbow grease will save a significant amount of money; however, tenants should learn when to put it by themselves and which objects need professional assistance. As a general rule, sales, legal, plumbing, HVAC, and electrical aspects should be dealt by the professionals only. When the plumbing, HVAC, and electrical services are not handled properly, it can cause serious problems later on.
If you have a tenant that is way behind his/her rent, the state requires that the property's landlord post paperwork to inform the tenant of the payable amount within a certain period; otherwise, eviction is to be implemented. In posting notices like this, a bright yellow, green, or orange paper is more preferable than white. Bright-colored eviction notices are more likely to grab the tenant's attention.
