New York Landlord Starting Tips

There are great opportunities to be had in the real estate rental business, however working as a landlord requires you to be prepared for a number of scenarios you may not expect. For the most part you will need to know a lot of things beforehand, which brings us to the first of our tips to being a successful landlord:

Learning as much as you can
You have only one way of making landlording a good business for you and that is to do your best to know as much there is to know about it before you start. You should do this by checking out books, courses and even asking other landlords about possible advise so you could improve yourself. There are many ways you can obtain that knowledge that go beyond personal experience, so keep your eyes and ears open and learn what you can.

Creating policies
Running your own business means you will have a chance to make your own rules that are more or less the word of law for your tenants. They will know if you’re making it up on the fly so make sure you have a good, written policy long before the tenants make it inside your property. You won’t have to explain yourself as they arrive, but you can simply hand them your policies so they would know what’s allowed and what isn’t.

New York Landlord Starting Tips

Your rental home and its desirability
Although it may not be a perfect rule you should keep in mind that the types of tenants you’ll be getting will also largely depend on the type of home you’re providing. If you provide a good, better-than-average house or apartment you will have a much better chance to attract better tenants. As a landlord you should be aware that the rental itself is not the only product you’re providing, but also your business being part of it. The way you provide help and prompt responses to people’s questions as well as help will also affect the level of professionalism you’re showing.

Your office hours
You should set some office hours for yourself so you won’t be bothered past a certain time. You could help your tenants at a time that is good for you, however you should still let them know what times are acceptable. The only exception to that would be when you’re dealing with showing your rental property to possible future tenants.

Many of the repairs needed during maintenance can be done with ease, while others may require outside help if you’re not that great with tools. You should consider this and make the call when you need to instead of trying to fix something you know you clearly can’t.

Thanks for the awesome guest post, Linda Baker! Such great tips for landlords!
Linda Baker is a freelance freelance real estate broker and blogger. She has a professional background in buying and selling properties. She loves reading crime novels and traveling.