More and more people are choosing to go to another country to live there and find opportunities for work. Globalization has opened up the world, and now more than ever, people are looking for a place to stay.
These days, one way to earn money is to become a landlord. The market is definitely huge. If you possess a property which you can rent, you can then aspire to become the ideal landlord. Before you achieve this, there are a few things that you must know.
1. You are responsible for the property all the time:
A landlord is responsible for the property all the time. It is not an office job. The plumbing can leak anytime of the day and the tenant’s needs ought to be taken care of at all times. You have to handle the problems immediately and you can lessen the incurred costs if you immediately get the job done.
2. Fix the property:
If the apartment is not good for living, then don’t offer it up for rent. Before your rent out the place, check first and see that the place is clean and that the walls have a fresh coat of paint. You need to check the pipes first, as well as the light bulbs. You have to check all the electrical wiring as well and check the electrical supply of the house.
3. It’s a long term job:
Being a landlord is a long-term job and people have to prepare for it mentally. If you are not prepared for the idea of taking care of the needs of people for at least two to three years, then you might not be ready to become a landlord. Some people stay for a brief time. The job is long-term indeed but it is profitable in the long run. Being a landlord is not about a quick income, but instead it is accumulating money over a length of time.
4. Have a contingency plan:
It is better to set aside a separate account should anything go wrong with the property. If bulbs have to be changed and the plumbing needs to be fixed then you will have cash to spend. The tenant should not be the one to pay for all these things. It is not correct to expect them to spend the money. If you don’t have enough income to cover the costs, then you’d have to prepare just to make certain that you have a contingency plan. Having funds set aside will help you ease out the stresses of future issues.
5. You need to become a social butterfly:
A landlord deals with people so if you dislike dealing with people then it is probably not the job for you. If you have an anti-social personality then you might not suit the role. It is going to be difficult to become a landlord when you have difficulty dealing with people.
You need to learn what a landlord is about. Landlords have
a service to perform and they are not supposed to be an authority
figure. If, as a landlord, you are difficult to deal with then you will
not have tenants. You will lose income. Tenants who have a negative
experience in dealing with you will probably share their impressions on
Renting out property should be thought of as managing an apartment or hotel. However, you are not just a manager but a tech guy, concierge, repairman, salesperson, counsellor, and debt collector merged into one. When you functioning in full capacity, then the tenancy will be smooth as well, and you will have no trouble catering to their needs.
Contact Name: Raphael Wong
Company: Raphael Real Estate Team
City: Kuala Lumpur, Malaysia