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How to Run a Successful Rental and Be the Best Landlord

The plotlines of property presentation, lease negotiations, and tenant experience weave together to produce a captivating tale that appeals to both tenants and profitability, making running a rental company similar to writing a book.

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Let’s face it. Landlords have a pretty bad reputation, but that doesn’t mean that it has to stay that way. Becoming a reputable landlord is one of the best ways to run a successful rental property.

This involves dominating basic skills such as communicating and organisation, as well as more specific touches such as screening tenants and being mindful of fair housing.

Whether you’ve recently become a landlord or you’re simply looking to improve the experience of your tenants, this is the article for you.

In this blog, we will share our best tips on how to run a successful rental and be the best landlord you can be.

Best Landlord

Keep on Top of Basic Repairs

The best way to avoid a huge disaster is by keeping on top of the most basic repairs. Don’t let things escalate, and simply hire your trusted handyman to fix any issues.

Practise Excellent Communication

Without excellent communication, you’ll find yourself frustrated with the management process. Establish a method of communication between you and your tenants, such as SMS or email, and stick to it!

Screen Your Tenants Carefully

You want to be sure of who you’re letting into your house before you hand over the key, so make sure to screen your tenants carefully. You can ask for a credit check and past references.

Hire a Property Manager

Truth be told, the job of a landlord isn’t’ for everyone. That’s why many property owners choose to hire an external party to do the job, such as condo rental property management in Scarborough.

Be Mindful of Fair Housing

Don’t be the landlord that everyone hates. Sure, rental prices are increasing, but do you have to raise the prices exorbitantly every year? Once you have good tenants, make sure you treat them fairly.

Collect Rent Payments Online

You want to provide as much convenience as possible for your tenants and yourself. One way you can do this is by collecting rent payments online.

Write up an Emergency Contact List

You don’t want to be called up at 3 o’clock in the morning when the tenants find a pipe has burst. That’s why it’s a good idea to write up an emergency contact list with all the essential numbers, such as a 24-hour plumber.

Leave a Welcome Basket

Last but not least, let your tenants know that you value them by leaving them a beautiful welcome basket.

This will leave a great impression and start your relationship off on the right foot. You can include a set of tea bags, a candle, cleaning products, and chocolates.

At the end of the day, you and your tenants should look after the rental property with care. It’s much easier to keep a responsible tenant happy than it is to find a new one, so don’t hesitate to do everything you can to provide a positive experience.

Offer convenience and care every step of the way, and you’ll see how these sentiments are also reciprocated.

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