Things You Should Know Before Becoming a Landlord
People buy property and make it profiting by hiring tenants for their rental property. Hiring tenant can be easy sometimes but becoming a landlord is very much challenging. You might have thought to become a landlord and earn money but before you start you must know about the things or challenges that you might face during your landlording journey. You will have to face many challenges for finding the right tenant for your property and also to screen them. Screening tenant is not an easy task, this requires lots of money and your efforts to know about the tenant’s history hence you should hire property management company that will not only help you in finding the right tenant for you but also for managing your property. They are the living assets of your non-living assets who will keep it well maintained and attractive. But for those who are becoming for the first time landlord they must know what to do after becoming a landlord.
It’s not a 9-5 Job: Being landlord is not a 9 to 5 job there are much more to it. It is the daily duty of a landlord to take care of his property and the tenants too. It is not the type of official work where you go at 9 am in the morning have lunch and then come back at 5 o’clock. One day you can go and complete your work within one hour or one day it might take 15 or more hours. So, it is difficult to be a landlord.
Landlord Wears Many Hats: A landlord wears many hats and performs different task. A good landlord should adapt these different roles to have a successful career as a landlord. Here are the examples of roles that played by a landlord- Realtors, counselor, supervisor, debt collector, detective, and negotiator etc.
There are Many Rules to Follow: Be a landlord is not as easy as you are thinking that you will buy a property and give it on rent and then enjoying earnings there are much more to it. You have to follow the rules properly for hiring and evicting a tenant. Make legal rent agreement for the tenants etc.
Handle Tenant’s problem: Be ready to receive countless phone calls as tenants are always in problems. They always have issues of repairs and etc. A good landlord has to answer all their phone calls and also resolve their problems.
So, keep all these things in your mind before becoming a landlord and if you think that you can handle these things normally without any hassles then you may proceed and hire tenants for your rental property to make it profiting.