5 Tips to become 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. Partnering with a property agent to assist you to find the niche in the market would be a good idea too.

3. Be upfront on 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. Tenant vetting

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. Verifying a tenant’s source of income helps to avoid future misunderstandings when it comes to payment of rent and meeting the due date.

5. 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.