Real Estate Marketing & Beyond
As silly as this may sound, this quote is very applicable to landlords and even to property owners. You have to face a lot of demands, create lease agreements, screen tenants, market rentals, evict poor tenants, and much more. Landlords are more than just property owners. Don't worry. Despite the fact that it may sound quite complicated at first, being a great landlord is feasible. We'll help you.
6 Ways to Be a Great Landlord:
1. Make Sure Your Tenant Understands Everything
If you have decided to accept an applicant, going through the rental agreement with your future tenant and making sure that they understand it completely is very important. Likewise, give them the opportunity to ask questions, review the lease, and make clarifications. You don't want to face problems later on, just because your tenant didn't fully understand what was indicated in the agreement.
2. Good Communication Is a Must
We all hate being left confused, and your tenants are no exception to this. To be a successful property owner and landlord, you have to invest in tenant-landlord relationships; you have to be sociable. That means you'll always be there when your tenant needs you, and inform them about important dates and schedule maintenance. By doing so, you'll be able to keep the tenants updated and establishing good relationships will be second nature to you.
3. Be Flexible, But Not Too Flexible
Despite the fact that you should build a tenant-landlord relationship, it doesn't mean that you'd tolerate their late payments. Keep in mind; renting is a business agreement, and not a charity. However, if the late payments don't happen often, and there was a reason why your tenant was late to settle their dues, a bit of human compassion and understanding could go a long way. For example, if your tenant got sick, lost his job, or something unfortunate happened in his family, try to be a little understanding, and this will pay off in the future.
4. Quality Over Quantity
Although there will be instances where this might seem impossible, it's important that you give your best to the property you're renting. The quality of tenant you're going to get will depend on the quality of home you are providing. Don't take this wrong, we're not saying that you should offer granite countertops, or something extremely extravagant. What we mean is that, you should offer a better-than-average home in order to stand out, and show that you're reliable. As a landlord, you have to consider that the product you are offering is not limited to the rental property. What you offer is part of the package, and the way you manage your business will greatly affect how these people view your products. This being said aside from regularly updating your properties, make sure that you fix repairs promptly, stay professional, and be well organized.
5. Be a Trustworthy Landlord
Can you confidently say that you are honest when it comes to dealing with these people? If not, then this would definitely show. Your tenants aren't foolish, and they can easily feel if their landlord is taking advantage of them, or being untruthful. In order to be a great landlord, you should get your tenants' trust, and this would encourage them to stay longer.
Aside from being trustworthy, you should also show that you have trust in them. Keep in mind, you're all adults, and have the ability of being responsible and doing what needs to be done.
6. Timely Maintenance Is Important
Based on surveys, the biggest complaint tenants have is that most of the rental properties they live in have poor maintenance. It takes forever for the repairs and maintenance to be done. Either way, for you to be classified as a great landlord, you should be able to ensure that quality and speedy maintenance are your top priority. This would improve your tenant retention and would even be a way to get new tenants easily.
Being a landlord doesn't have to be complicated. You just need to have the knowledge and equipment to handle the problems you're going to face. What is the best way to do that? You will learn best through education and experience. Read books, take courses, and even look for mentors who can help you become a great landlord. Though, aside from that, these tips mentioned above will make your landlord journey a little more enjoyable.
Great article! I especially agree with tip #6. You should also encourage your tenants to inform you of any necessary repairs to avoid small issues becoming big ones. However, I recommend you set a minimum "deductible" for repairs such as $50 - $100, under which your tenants are responsible. This avoids a constant stream of calls for minor repairs.