The best landlords attract a lot of tenants. Why? It’s pretty obvious; for those who consider their rental property as a business, then that means your tenants would be your customers. The better you serve these people, the higher the chances that they’ll stay longer as they will be fully satisfied with their stay. Likewise, it can also be a way to attract new tenants, as your loyal tenants wouldn’t hesitate to recommend you to their friends and family members who are in search of a new place.
So, how can you be the best landlord? Here are some of the tips that you should follow.
6 Ways to be a Great Landlord:
1. There Should be a Good Lease and Tenant Screening Process
Usually the first impressions of the landlord would be based on the property he’s offering, the lease, and tenant application. Thus, it’s very important to show your professionalism all throughout these steps. It’s highly advisable to do your research, and check out how you can create an outstanding application form. As for the screening process, it should make your tenant feel comfortable. They should also have the confidence that they’re going to move in a safe environment and that their neighbors have been thoroughly screened as well. Keep in mind, problems between the tenants would always involve the landlord. That’s why you have to make sure that everyone living in your building would easily get along.
Having a great lease is also important. This would show the tenants the rules– what they can, and cannot do within the vicinity. The more formal your lease is, the more comfortable and secured your tenants will feel.
2. Make Sure That Your Property Is in Great Condition
You’re earning from your property; that means you should ensure that it looks great inside and out. From lawn maintenance to cleaning; make sure that you wouldn’t skip any essentials that would keep your rental property looking at its best.
Cut the lawn weekly while showing the vacant property, however, when the tenant shows up to collect the keys and finally move in, make sure that the building is clean and well-organized. The tenants should feel excited about them moving in, and they should be able to tell to their friends and relatives how great their landlord is.
3. Familiarize Yourself with the Laws
If you’re just new in the business, you have to know that there’s a landlord and tenant act that covers security deposits, rent, landlord and tenant obligations, evictions, and most importantly, tenant’s rights. You can obtain a copy of this from the Department of Housing office in your area, or online, via the housing website of your state. Familiarize yourself with these laws, as this would help you determine if you’re violating the tenant’s rights.
4. Help the Tenant Get Adjusted to the Area
Chances are your tenant is new in town, and as a responsible landlord, you should be the one to help them easily adjust to their new environment. You can do this by giving them a copy of how to get to places, such as pharmacies, local grocery stores, and other facilities. You can download this list straight from the Internet, and it can be used over and over again.
5. Stick with the Lease Guidelines
At some point, you’ll have an issue with your tenant. When this happens, you shouldn’t take the matters into your own hand, as this would lead you to trouble. Instead, stick to the guidelines outlined in the lease agreement. In the case that there are certain issues that weren’t addressed in the lease, then you have to refer back to your city’s local ordinances. By doing this, you can make it clear that you’re not violating anyone’s rights.
6. Be Compassionate
When your tenants have a problem, like delayed payment, don’t evict your tenant right away. Instead, try to determine the reason behind this late payment, and if it’s something sensitive, show your compassionate side. This should be done, especially if your tenant has never been a source of headache in the past. They’ll remember your kindness, and it would increase the chances that they’ll renew their contract once it ends.
Just like what have been mentioned earlier, a great landlord results to having great tenants. Of course, problems will happen every now and then, but you should act professionally and compassionate at the same time in order to avoid conflicts. Treat your rental property as a business, and take good care of it.
Patrick Beugnon is the President of Aramis Realty. Patrick attended the Wharton School at the University of Pennsylvania, where he received a Bachelor of Science in Economics with a concentration in Real Estate and Finance.