The skill of balancing upkeep, tenant drama, and more tenant drama. I'm here to share a few pearls of wisdom from my experience in the industry on how to continue keeping your property ship cruising smoothly (or at the very least with fewer leaks).
Both your best companion and your worst adversary are the law. Recognise your rights as a renter, fair housing legislation, and eviction rules. A legal difficulty won't be avoided by your ignorance of the law.
Property inspections on a regular basis are similar to dreaded doctor visits. They're unpopular, yet they're necessary for identifying problems before they become major catastrophes.
Note everything down. Keeping track of everything, from requests for repairs to rent payments, will help you avoid "he stated, she told" arguments. There will be disagreements, of course.
]Be careful to have a thick skin before you go into property management. You'll run into renters who blame the landlord for blocked toilets and insist they deserve a discount since a squirrel dented their car.
Similar to swiping right on an app for dating without the adorable emoticons is choosing tenants. Don't be persuaded by a tearful narrative about a goldfish's birthday; thoroughly vet candidates, verify references, and be skeptical.
Ensure that there is constant communication. Even if a renter calls at three in the morning to ask for a light bulb changed, respond to their demands right away.
Something will shatter just when you're certain that everything is perfect. Be ready for the strange, whether it's a dripping roof or a spot on the top of the building that resembles a Rorschach test.
Your closest buddy is the leasing agreement. Make rules, expectations, and consequences for breaching them obvious. And keep in mind that even if you declare a "no pet" policy, a renter will attempt to get a llama inside.
Investigate any weird noises that renters report hearing. It can be a raccoon, a ghost, or just bothersome neighbors. Your task is to determine the answer in either case.
Use your inner diplomat when a quarrel arises. Avoid the temptation to use a thumb war to resolve conflicts by engaging in calm mediation.
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