Every property owner longs to be a great landlord to his or her tenants. After all, such owners quickly attract high-quality renters, who not only take good care of the property but also pay their rent without any difficulty. Most importantly, the property ends up having a low tenant turnover rate, since the occupants prefer staying in the properties for a long time. Undoubtedly, these benefits should motivate you to become a good landlord. But just how can you do that? Here are ten interesting suggestions.
Perhaps one of the best-kept secrets of being a great landlord lies in managing the rental investment as if you would any other business. This is to say, you should be professional at all times, and view your tenants as customers and partners to help you to grow your real estate portfolio. It also means keeping proper records of receipts, payments, and negotiations, as well as only dealing with qualified vendors.
Screen your tenants
The type of tenants you have will have a direct impact on the nature of your tenancy relationship and by extension your performance as a landlord. For instance, if you have a problematic resident who is always damaging your property or getting into disagreements with the neighbors, you will have a nightmarish time, which might even depict you as a bad landlord. However, if you have high quality and reasonable renters who take good care of the asset, your investment will appeal to many prospects. For this reason, you should thoroughly screen your tenants before they move into your units to ensure that they are deserving.
Offer a clean, safe and secure property
A sure way of being a great landlord is to ensure that the assets you give to your tenants are habitable. The buildings should be safe, secure, and clean. Moreover, they should comply with all housing codes and pass every feasible property inspection. Lastly, it should have efficiently working safety features such as smoke and carbon monoxide detectors, secure locks, HVAC systems, and waste disposal units.
Another practical way of being a great landlord is to inform your tenants what you expect of them during their stay. You can do that by crafting rules that define such a relationship. Some of the things you could address include the rent, property usage, maintenance, repairs, inspections, conflict resolution, as well as termination, and evictions. Once you have such rules in place, you should go over them with your tenants to verify that they understand and accept to abide by them.
Follow your rules
It is not just enough to inform the residents of the rules by which they must live. You must lead by example. Once you and the renters have set down the rules, you must also follow them. It would be quite unfortunate for you to violate the very rules that you expect your clients to obey. Doing that demonstrates to your tenants that you are insincere and dictatorial.
Charge your rentals reasonably
How you price your rental property conveys a particular message in the eyes of your tenants. For instance, if you overprice, both existing and prospecting tenants will view you as an unscrupulous landlord. As a result, they will avoid your assets. Therefore, if you want to be successful, you need to charge a fair rent, preferably one that matches the prevailing market rates. Similarly, do not increase the rent haphazardly, or when the lease is active. But if you have to, make sure you follow the correct laid down procedure.
Respond to tenant concerns promptly
One of the reasons why good tenants turn bad is due to concerns that fall on deaf ears. Instead of ignoring your customers, make it a habit of responding to their complaints and concerns as quickly as possible. It does not matter how trivial or irrelevant you think a tenant’s subject might be, always make the effort to hearing him or her out and addressing it. Such a gesture makes the person feel respected and proud to be your resident.
Conduct regular property maintenance and repairs
Most landlords only service their properties when they are vacant, to attract occupants. However, once a tenant moves in, the owner rarely thinks of maintaining the assets. Avoid being one of these owners by scheduling routine property inspections, and maintenance, to ensure that your clients reside in safe, secure, and comfortable structures at all times.
Just because you own the rental property, does not mean you should be rude to your residents. On the contrary, you need to treat them with respect since they are your customers. Some of the ways you can do that are by following the contract rules, respecting their privacy, and being courteous when engaging them.
Offer convenient and practical solutions
When dealing with tenants, it is important to be considerate of each person’s unique conditions. Just because you have set down tenancy guidelines, does not mean all your tenants will respond to them in the same way. For instance, a rent-paying or damage-reporting method that appeals to one renter might be a turn off to another. If you desire to keep your clients happy and content, it is critical that you provide them with practical and convenient solutions. Not only will your residents enjoy their tenancy, but also they will give you a rewarding and fulfilling experience.