Tips on How To Be a Good Landlord
What makes a happy tenant is a good landlord. To this day, most tenants perceive landlords to be greedy, nosy, and unbearable. But you can change this notion and prove to your tenants that landlords can be good and nice, too.
As a landlord, your main goal is to attract more tenants to rent your property and make them stay for a long span of time. To fulfill such, here are useful tips to help you become a good landlord and make your tenants happy.
Know Your Tenants Well – The first step is to find good tenants. Take time to know them before they even move in. Do your research like checking out their credit scores, verifying their income, and, if possible, talk with their former landlords. You’re doing these things to avoid worrying and being nosy in the future.
Also, knowing your tenants well will help you build a good landlord-tenant relationship. Start with a good conversation. A simple “how was your day?” will give a good impression of you. Isn’t it awesome to be a friendly and approachable landlord?
Educate Yourself and Your Tenants – Being the landlord, it’s your responsibility to be educated about the laws on leasing. It’s important that you know your rights as a landlord without depriving your tenants’ rights, too.
Set a Fair Rent and Offer Rewards – Eradicate the thought of a greedy landlord by making your rental price fair and reasonable. If the rent is just, it will attract more interested tenants; they may even refer you to their friends and relatives.
What’s more, you can give them simple rewards or tokens of appreciation every once in a while. You may give rewards for “on-time or early rent payments,” that way your tenants will be motivated to pay the rent on time or even in advance. Rewards can be movie tickets, gift cards and coupons, or anything you think they may appreciate. Install a new ceiling fan or clean the carpet if they sign another year of a lease.
Give Trust and Be Trusted – You can’t reap anything you didn’t sow. If you want to gain your tenants’ trust, you have to first give yours to them. By just letting them choose the wall paint color and home appliances is a simple way of showing that you trust them. Once you give your trust away, your tenants will pay you back by trusting you, too. In that case, if you trust each other, you’ll avoid negative issues and will make your landlord-tenant relationship a bearable one.
Make Necessary Repairs – Most common dilemmas of tenants include repairs. As a landlord, you’re the one responsible for making the necessary repairs of the property. Since repair problems are inevitable, you may want to consider hiring a maintenance staff so repairing won’t be a problem.
Keep in Touch But Give Them Space – For most tenants, there are only two kinds of landlord: (1) a landlord who will not leave you in peace or (2) a landlord who doesn’t respond. Of course, you shouldn’t be either of the two. A good landlord keeps in touch with the tenants while giving them space, too. It means you have to be responsive, but still, give them enough privacy.
To do such, give your tenants your contact number and whenever you’re going to inspect your property, inform them prior to your visit.
Be a Good Service Provider – A good customer service is also a must. Your tenants are your customers, so serve them right. Be responsive enough to their complaints and requests. If something needs a replacement, offer to pay for it by installing a new one. Take note of your tenants’ suggestions or feedback and take appropriate actions.
Also, be transparent and honest with your tenants. If the property has a history, don’t cover things up; instead, tell them early so you can work together in preventing those problems to crop up again. Also, be compassionate to your tenants, especially during the rough times, i.e. a death in the family, a job loss.
Finally, never increase the rent unless there’s a big reason to do so.