Being a landlord and lending area is a very successful business as it ensures that a fixed amount of money is being successfully coming in their pockets every month. Rather than setting up shops that can fail, this is a steady business since the number of individual tenants applying for an area to stay is increasing exponentially day by day.
Example of a Successful Landlord
There are many landlords who come in contact with people who lend house and apartments. They are very successful with their businesses and provide residency to hundreds of people every year.
One of the examples of successful landlords is Freddy Abitbol from Hypotec. He is the CEO of a very successful business where he provides great space for tenants. His main targets for customers are first timers who do not know how to set up mortgages and get their dream houses.
Freddy Abitbol is popular for his in-depth communication with customers and listening to all of their requirements before giving them suggestions about what kind of house they can opt for. He also offers a variety of products that are suitable according to the financial situation of each person.
One of the main policies of Freddy is that he not only guides his customers but also educates them about all the processes regarding mortgage and renting houses. He also encourages customers to contact him regarding any issues they may face at any time. Clients can contact him through phone or email him directly. He always welcomes questions and is eager to answer them as well.
Ways to Become a Successful Landlord
People think that becoming a landlord is easy since you just have to loan out land and that’s it. But the definition of a successful landlord is different from that. He has to fulfill a lot of responsibilities and take care of many things to make sure that his business runs smoothly. He should also make sure that he does things in a way that make it easier for tenants as well.
If you have bought a building and are planning to set it up for tenants, you should take care of some of the points given below.
- Commitment to Business: The first important point for the landlord is to stay committed to his business. He should make efforts so that he can grow his real estate business without any hitches. Acquiring a building and setting it up for tenants is hard work. A lot of money is also invested in this. This is why the landlord should manage everything well so that he can gain adequate profits from it.
- Searching for New Tenants: Landlords should adopt many methods to get new tenants. They can use third-party service or put up advertisements for new tenants. They can also use bulletin boards, flyers, signs and online sources for attracting clients. You should also be sure of what type of clients you want, e.g., if they are working people, university students or newlywed couples. You can make changes and adjustments in your buildings accordingly.
- Being Available whenever Required: Landlords should be responsible for all the maintenance and issues around the building for their tenants. For this, they should fix specific hours of a day where the tenants can call them if they want something to discuss. Landlords should be available to pick the calls of their tenants at that time and should work hard to resolve the issues that the tenants are facing.
- Do not Discriminate against Tenants: This is an ethical responsibility of the landlord. They should fairly give their services and rooms to all the tenants no matter what religion, culture, race, color, gender, familial status, disability they belong to. The landlord should be careful in using appropriate language in advertisements and while contacting them. Not complying will this can lead them to deal with local, state and federal laws.
- Checking the Tenant’s Background: Before accepting an application, landlords should check for any potential legal and social issues of the tenant. He should screen the person’s records so that no issues occur in the future. Landlords should also check their credit card and transaction history so that they can ensure that the tenants will pay their rent on time and will comply with the rules properly. This is to ensure that the landlords will suffer no financial losses.
- Substitute Person for Contact: If the landlord is not available for some time, he should promptly relay this to their tenants so that they do not worry. The landlord should also set up contact information of the person he trusts the most so that the tenant can contact in case of emergency. Transparency in communication is the best way for smooth business between the landlord and clients.
- Make an Appropriate Lease Statement: Finding the tenant that fulfills all your requirements and who is satisfied with the services the landlord is providing is good. After this the landlord should write it all on paper. Creating a lease statement where all the requirements and regulations agreed by both the landlord and tenant is very important in case any situation arises. The landlord should be very careful with it and should discuss everything with the tenant so that no issues arise in the future.
- Manage Daily Issues Properly: Landlords should deal with all the daily issues that may come up with the building. The closer he is to the building, the easier it is for the tenants to contact with him in case of any issues. If the landlord cannot stay close to the place all the time, he can hire a property manager that will deal with all such cases and report the landlord accordingly.
- Handling Renewals: handling renewals is a lengthy business and finding good tenants is not possible every time. Frequent renewals affect the reputation of landlords as well. This is why landlords should try to solve the problems of tenants and make sure that they are comfortable so that a steady income flow continues.
Being a good landlord like Freddy Abitbol from Hypotec might seem to be difficult but with continued daily effort, good communication with customers and dedication, it is possible.