Landlord Survival Guide For Student Housing
Renting out a student home can be a great way to earn supplemental income while keeping your money secure in a real estate asset. However, the student housing market is not the easiest in which to succeed. Honesty, punctuality, and effective communication in dealing with your tenants will earn you a great reputation as an honest landlord. Heed the advice of this author, a student tenant, and you will be sure to succeed financially in this investment.
Write a clear lease! Leases are the bread and butter of the landlord-tenant relationship, and they should be written in an effective and unambiguous manner. Legalese does nothing to enhance the strength of the rental agreement other than create confusion for your tenants, who have likely never read a legal document before. Be sure to clearly state expectations and responsibilities when it comes to appliances, garage space, waste collection, as well as snow removal and lawn maintenance. Rent should be clearly stated, along with dates and acceptable methods of payment. Clarity in the lease will negate any legal complications in the future.
Respond quickly! Prompt communication is essential in effectively listening to your tenants’ concerns. Provide your personal cell number and email address when initially meeting your tenants, and monitor your lines of communication daily. Set up specific alerts on your smartphone when your tenants contact you, and respond promptly. Provide sufficient notice of house maintenance or any visit to the premises you may make, as your state may require 24 to 48 hours of lead-time before entering the property.
Make fixes your first priority! Broken appliances or structural problems can create major stress for tenants and can lead to possible legal action if fixes are not promptly made. Before entering the rental market, approach an appliance repair company and begin a relationship of service. Loyalty can mean swift service and low fees over the course of your time as a landlord. Repair companies have the expertise and manpower to respond to problems at a moment’s notice, allowing you to remain at work, with a piece of mind while fixes are made. Oven repair, along with washer and dryer repair are the most common, so pencil in repairs to these appliances when creating a financial plan in starting your business. Approach structural problems to your property with utmost importance, but be sure to visit the property to assess the damage before going ahead with fixes.