Investing in real estate is a viable way to make a good income. This could be something that you consider as a side job to supplement your income. Or, you simply want to make this your sole means of income. Whatever it is, there are ways to do so with real estate. One popular option is to become a landlord and have rooms for rent or rent their property out to students in a nearby university or educational institution.
The down side is that university students can be unpredictable. This, in turn, could make for a difficult time for you as the landlord. However, there are plenty of ways that you can avoid these problems and still make money.
Here are some tips for landlords of student accommodations! They will make sure that it’s as easy of a process as possible.
Offer A Good Product
You want to bring in the best tenants to you annex for rent? Then it’s your responsibility to be as equally as good of a landlord.
As a landlord, your goal should be to build professional relationships with the people you rent to. The more that they respect you and appreciate you for the help you offer, the more obligated they will feel to keep the property in good shape. Furthermore, it is even beneficial if you have flats or homes in a nice area. The reason is, you will also bring in a clientele that is easier to rent to.
Unfortunately, if you are in an area that brings in less credible people, it’s going to be hard. The reason is, then you’ll have a more difficult time when it comes to keeping up with your property. It might mean a bit more of an investment. But you are better off offering a good product, rather than trying to get by the best possible for cheap. Go the extra mile to provide your tenants with a good property and they will certainly thank you for it.
Get Everything In Writing
You will save yourself a lot of headaches and a lot of hassle by having everything in writing. Make this a habit whenever you rent out your property to a new tenant.
Do not worry if you ever have a tenant who does not like the amount of paperwork you have. Then move on to the next person. There will always be others who are interested in renting your apartments or houses in a university area. The fact of the matter is that having everything in writing is beneficial to both parties. The reason is, it will lay out the rules and expectations of both parties.
Not only should the duties of the tenant be in the contract. But you should also have expectations of the tenants as well. If you do not have everything in writing, then there is too much room for misunderstanding and confusion. This applies to both parties. When this happens, tenants may get angry if something happens or if you don’t do something that they expect. The best way to avoid all of this from the beginning is by having everything in writing with the obligations of both parties.
Be Organized
As a landlord, it’s important that you always stay organized. This will help bring in better renters. The reason is that they’ll know that they are working with someone who is on top of things. Furthermore, it will also help you personally, especially when it comes to filling paperwork or taxes. If you stay disorganized, you’ll have a hard time keeping up with everything that it takes to be a landlord.
Know The Rules
There are many rules that come into play when it comes to being a landlord. Not only do your tenants have rules that they will have to abide by. But you will also have obligations and duties as the landlord.
What are the rules?
These rules include making sure that your tenants live in a place that is properly functioning. In addition, they mean that you solve problems as quickly as possible. Moreover, you will do your best to communicate with them and much more. In return, your tenants have rules as to what they can and can’t do while living at your property. In addition, there also expectations for general upkeep and maintenance of the home. The more rules that you know, the better off you will be as a landlord.
Do not tell that you are the owner
There is no rule that states that you have to tell your tenants that you are the property owner. As a matter of fact, it’s often a good idea if you simply tell them that you are the landlord. Tell them that you are working for whoever owns the home or apartment. This will work out in your favor. It allows you to pass the buck whenever the tenant ask a question that you may not have an answer to.
For example, if the tenant wants to bring a pet into the home, then you can tell them that you first have to check with the owner. If you then decide not to allow the pet into the property, then you can say that it is the owners decision and they won’t know that it’s you. This will help you avoid any issues that could otherwise occur if the tenant starts to hold personal grudges against you.
Stick To The Rules
Once you know the rules and have them set in place, be sure that you stick to them by all means necessary. Sure, everyone goes through times that are hard and certain situations come up. As a landlord, you’ll likely hear a variety of excuses, including the common one of tenants who have to pay rent late for one reason or another. If you allow for too much bending or breaking of the rules, then everything that you put in writing now becomes more blurry and questionable. Your tenant may think that they can start paying late every month, or that they simply don’t have to abide by the restrictions put in place. However, if you stick to the rules and don’t budge, then they will know that they have to keep up their expectations.
As mentioned earlier, this is when it can also come in handy when not telling tenants that you are the owner of the house or apartment. As the landlord, if you keep telling them that the owner is strict in what they do, then they will not know any better and they won’t get angry with you for not accommodating their wishes.
Be Accommodating
Just because you have to stick to the rules, that doesn’t mean that you can’t still be accommodating and helpful to your tenants. As a matter of fact, it’s likely going to be required that you help them in the event of emergencies or issues. If you are helpful when they need you, they will be grateful for your timely assistance. However, if someone has to go weeks without hot water because the furnace is broken, then you likely will get some tenants that are not too pleased with the house or apartment. You can also give your renters your phone number, so they can contact you when they need assistance. You may want to consider setting up a free VOP number, which will help you separate your personal and professional relationships.
Avoid Mixing Professional and Personal Relationships
Lastly, and on the topic of personal and professional relationships, you should make an effort to never mix the two. If you start renting to family or friends, there is likely to be issues that come up that could ruin the friendship. It’s best if you just avoid this altogether, which you can do by not renting to those that you know on a personal level.
Having rooms to rent in your property is a great way to make money. But in order to make sure that you are a landlord that doesn’t experience a hefty amount of issues, consider the tips here when renting out to tenants. Also, if you are looking to rent an annex, check out these annex for rent in Sri Lanka.
