Renting out your home (aka – being a landlord) is a great way to establish a steady income stream and build long-term wealth. But make no mistake – it is a business endeavor. As such, it takes hard work and determination to do it right and be successful. Whether you’re just starting with one rental property or you have a few condos, houses, or townhomes you rent out, following are some tips for being a successful landlord.
Tips for Being a Successful Landlord
1. Know your properties – Be very familiar with every home you own and rent out. Write things down. For example, where is the gas turnoff? The water main? The electrical circuit breaker panel? If you have higher end or smart appliances in the home, how do you operate them? If a tenant has a question, or if there’s a problem you need to address over the phone, being familiar with the home will save you both time and money.
2. Be proactive with maintenance and repairs – Expensive repairs and system replacements can quickly eat away at your rental income. It’s better to be proactive with repairs so they don’t turn into major (and expensive) breakdowns down the road. Reach out to your tenants quarterly to check in on what needs to be repaired, and take care of the issues right away.
3. Have a great team – Being a landlord is stressful. It often involves more work than one person can handle. That’s why you want to assemble a team of experts to help you. Your team can include a property manager to oversee the day-to day tasks and rent collecting; trade workers for repairs; and your real estate agent, accountant, and attorney for long-term guidance and support. Use your team on a regular basis to ensure your future success.
Being a landlord, especially in a premier location like the Napa Valley, is an excellent option for building wealth. Whether you’re looking for a property manager to help you with your current rentals or are searching for the perfect property to buy for rental purposes, we can help! Contact us today!