They say being a landlord is no easy task. You basically have to maintain one property you don’t live in, while maintaining your own personal property. That’s the upkeep of two properties plus having to entrust the one with a stranger. But when your tenant is a breeze and you get your monthly check, then what other hassles could you possibly have?
Your character plays a vital role in ensuring you are landlord material. If you don’t have the competence to handle rogue tenants, then you might as well forget the idea of becoming a landlord. You need to understand that you’re effectively going to be running a business, you may not know who you’re dealing with and you need to be prepared for whatever may come.
Patience: You may end up with an individual that turns out to be a nightmare, and with these kind of people you will require a lot of patients. It can be irritating being a landlord to unscrupulous characters as far as the unfair red-tape that protects tenants. Evicting a tenant can be a long and tedious process.
Understanding: Should a tenant falls into arrears, the worst reaction a landlord can have is to lose all sense of rationality and start demanding money. Before your anger gets the better of you, you will need to understand the problem and workout the best way to resolve the problem. Setting up a debit order collection in South Africa is simple, and the best way to always getting your money on time.
Reliable: Tenants are paying your for a service as well as a roof over their heads. You need to step up to the plate and be the best landlord that you can be. If there’s a maintenance issue that needs attention, you will need to attend and resolve the problem to the best of your capacity. It needs to be quick and efficient. Occupants are relying on a service, so you need to be reliable.
Do a lot of research on your tenants; find out what they do and who they are. You can’t have just anyone on your property and you have every right to decline an applicant without reason. When placing your ad for tenancy, you can add specification so that you can only attract a certain group of individuals whom you are comfortable with.
Who you choose is up to you, but they are also going to be checking you out so be in a good mood and always keep up appearances, especially when they view the property.