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What Makes You a Successful Landlord?

What Makes You a Successful Landlord?

The real estate industry is growing at an extremely fast pace. Every year, thousands of residential and commercial properties are bought/sold and rented. However, many people usually fail to realize that the growing real estate industry is a lot more than just the assistance of Orlando Realtors or estate brokers in buying and selling properties.

You can say that buying or selling a property is a one-time transaction that usually closes in a matter of days. However, the tenancy is a much more complex aspect of real estate. This aspect is usually not discussed enough and that is why many tenants and landlords fail to fulfill their responsibilities.

According to Dr. Philips Realtors; being a landlord is a continuous and demanding role. So, in this article, we will be discussing the two major factors to keep in mind, if you wish to become a successful landlord.

Know your tenants

If you know your tenants well, it is a guaranteed way to retain them. If you take out some time and personally meet your tenants, along with finding out some information about them, you can likely to build a strong relationship with your tenants. Moreover, this will also help you understand, how much they like you as their landlord.

Typically, tenants are in desperate need of a place to live but at the same time intimidate landlord. That is the main reason why many tenants remain quiet and do not complain about the problems being faced. The tenants hold the general perception that if they will complain about problems or raise their concerns, the landlord will not be happy about that and they will be left alone without having a place to live.

But then many landlords fail to realize that if they are not liked by their tenants, chances are that tenants would move out of their rented property as soon as they get another rental location and that too, without giving it a second thought.

Hence, to become a successful landlord, the Ocoee Realtors suggest that you must develop a comfortable relationship with your tenants. Take their regular feedbacks and make sure to attend their concerns at the earliest.

The background check of tenants

We cannot emphasize enough on the importance of performing a proper background check before allowing tenants in your property. Handling over the keys to your tenants without first checking their background can prove to be detrimental. Hence, Dr. Philips realtors suggest that you must take care of a few considerations before you hand over your property to strangers.

Some of these considerations include having a clear idea of the financial situation of your tenant to ensure their rent payment tendencies. Moreover, you must know if the tenants have been involved in some criminal activities. Similarly, have a close look at their rental history because if they are habitual of changing rental property every few months, they will also leave yours in near future. Lastly, make sure that your tenants have a steady source of income so that they continue the monthly rental payments without any trouble or delay.

To learn more about tenancy or real estate, head over to Megan Dowdy right away!

Megan Dowdy

Megan Dowdy is a seasoned real estate broker, educator, and entrepreneur. A native of Orlando, she is one of its biggest promoters and is familiar with all that Orlando has to offer. She attended Lake Highland Preparatory School, obtained a business degree from The Calloway School of Business at Wake Forest University, and then obtained her Masters in Hospitality and Tourism Management from The University of Central Florida’s Rosen College of Hospitality Management.

Her passion for bringing hospitality and service to real estate is a rare find in the industry. Building relationships that begin with the first transaction and carry on over years is what Megan thrives on. Communication and accessibility are of the utmost importance to providing a high level of service – and Megan prides herself on those!

When she isn’t representing clients in the purchase of real estate, Megan is teaching, as an Adjunct Instructor, at The University of Central Florida’s Rosen College of Hospitality Management. She teaches the future leaders of the industry numerous courses ranging from Guest Services Management, to Marketing, to Hospitality Communications.

Giving back is also a major theme in Megan’s life. Megan is a Founder, Board of Directors President, and Hospitality Committee Chair of The AutoNation Cure Bowl; Orlando’s newest NCAA post season college football game set to kickoff on December 19, 2015. All proceeds from the game go directly to the Breast Cancer Research Foundation where ninety-one cents of every dollar raised goes directly to research, and finding a cure for cancer. She also maintains strong relationships with each of her alma maters, even holding a position on the Alumni Board of Directors at Lake Highland Preparatory School in downtown Orlando.

Megan is also a licensed Real Estate Instructor and holds two designations: Accredited Buyer’s Representative and Graduate Realtor Institute; also, two certifications: Florida Military Specialist and Military Relocation Professional.