Property Renting Tip #1: Are You Landlord Material?

Do you have what it takes to be a Landlord?

The responsibilities of a Landlord are considerable. It’s not just about providing a space for your Tenants.There are rents to collect, repairs to attend to and maintenances to deal with. You also have to handle unsatisfactory Tenantsand consider the relevant laws.

As a Landlord you have to recognize that your Tenants are your Customers and they are the ones paying or covering part of the mortgage loan for you.So do treat your Tenants nicely and provide a clean, safe and functional house for them to enjoy their stay.

It is a good practice to stay engaged with your Tenant regularly to be aware of the condition of the house they are staying in. Regardless of how well-built the house is, there is bound to be wear-and-tear and it may need repair and rectification from time to time. Bad weather tends to lead to more wear-and-tear and may even cause some structural problems to your house. Address the problems early and rectify it as soon as possible.Spending some money upfront will help to avoid expenses on big ticket items in the future.

We are not saying you have to check on your Tenant on a monthly basis – once a quarter is more than sufficient. It is necessary to keep a safe distance with your Tenants.Being too close may give your Tenants a chance to delay or avoid paying rent!

By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.

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