5 Tips to becoming a successful landlord in Kenya

5 Tips to becoming a successful landlord in Kenya

Renting out a property can be lucrative for those who are prepared and have the right approach. To become a successful landlord, you need to take the time to prepare your property, market it properly and stay on top of your finances. Here are five tips to help you get started:

1. Prepare your property

Preparing your property for rent is the first step to being a successful landlord. You will have to do this no matter what type of tenant you might have: students, professionals, or families with children. Preparing your property means ensuring it's clean and safe(meets health standards) for people to occupy it. 

2. Market it

Make sure you have a good understanding of the local market and its requirements. Create a marketing plan that will help you target the right audience, and use social media platforms like Facebook, Twitter, and Instagram to reach out to potential tenants or landlords on this platform.

3. Be upfront about the rent, deposits, and other expenses

Before you list your property, it is important to be upfront about the rent, deposits, and other expenses incurred during or at the end of the tenancy. This will help get tenants on board with your rental agreement.

4. Inquire about the tenants' employment status and ability to pay the rent in advance

The first thing you need to do is find out if your tenant has a job. You can easily do this by asking them directly or looking at their personal information on the lease agreement. 

5. Be thorough in your documentation

The first step to becoming a landlord is to have a contract. Documentation is important because it ensures that you have detailed terms of the relationship and that both parties understand their responsibilities and rights. It also effectively safeguards against disputes later on, especially if there are any misunderstandings or disagreements between you and your tenant.

Being a landlord is a lot of work and can be difficult to do properly. You must prepare for the challenges ahead and ensure a solid system is in place, so everything runs smoothly.

Geoffrey Nevine — IT Services and IT Consulting

facebook-f messenger twitter pinterest linkedin flipboard instagram youtube whatsapp email

Post a Comment

Post a Comment

Previous Post Next Post