Better landlords attract better tenants. Sure, there’s a lot of responsibilities that come with being the landlord of a rental property. From screening tenants, lease agreements, and marketing rentals, to evicting poor tenants, a landlord is responsible for the property’s true potential. To be a good landlord, however, means to go above and beyond. Learn about how to be a good landlord and keeping your tenants happy.
While a rental in the prime location with even better amenities is paramount to the success of a rental property, there’s something else that separates properties even further: a good landlord. Regardless of how nice the property is, it’s never going to realize its full potential without someone who exhibits the qualities of a great landlord.
The reward of being a good landlord is, at the very least, happy tenants. A good landlord will take the property and make it better, and ultimately, solidify those good tenants to renew.
Moving into a new apartment is both exciting and nerve-racking for every new tenant. After the process of being accepted, putting upfront a lump sum of money, and physically moving everything they own, a warm welcome can put anyone right at ease. This can include
While you don’t want to be harassed by a tenant at all hours of the day and night, you will want to be available. During your warm welcome, provide each new tenant with your business number, or better yet, an email. Emailing back and forth significantly cuts down on the number of after-hours calls you could get and it’s also a means of keeping a written record of communication between you and the tenant.
It’s your job as the landlord to make sure your tenants are living in a habitable home. Things like moldy walls, leaking gas pipes, or dripping water need to be handled accordingly or the tenant has the right to withhold rent or charge you for repairs.
Every time you ignore a tenant, you increase the chances of them treating the property abusive or neglecting to tell you about current circumstances that may lead to future problems.
Tenants will come and go which means you will have to update apartments along the way. Make it a priority to know your property inside and out, tracking the lifespan of everything, to create a realistic future-minded budget for building upgrades and repairs.
Additionally, look at the building from a design standpoint. Upgrade apartments with an appealing design that also adds value to the property or prolongs its life, will help you attract tenants at a better rent. This can include updated appliances, wood flooring, marble countertops, and tiled bathrooms, for example.
Another important thing to mention about how to be a good landlord is that property investment is regulated by a number of state and local laws that all landlords should know of. Landlords should become familiar with the Fair Housing Act to prevent discrimination based on race, color, national origin, religion, sex, familial status, and disability during the housing process, and must be followed everywhere.
Some housing laws are city-specific like rent-regulation, eviction, tenants’ rights, and safe housing. A good landlord that keeps his or her tenants happy will gain a deep understanding of the federal and local housing laws and abide by them.
You can get a standard lease online or at any office supply store that will cover basic things like rent and legal tenant rights in your specific state, however, you will want to add specific rules for the property like weight limits on pets. Adding as much detail as possible from late fees to maintenance responsibility will reduce friction between you and the tenant in the future.
Any papers that you have your tenant sign should be kept electronically, plus any other important documents related to your business should be kept electronically. You never know when an incredibly important document will go missing! In addition, having those documents easily accessible for your tenants is an added bonus.
By taking these tips into consideration, you can make sure that you are being a detail-oriented, organized, and compassionate landlord to your tenants. Now that you have some foundational steps on how to be a good landlord, you can ensure that your tenants will be happy.
Do you have further questions on how to be the best landlord you can be? Are you interested in investing in your own rental property? Contact the experts at Capstone Realty today!
© 2024 Capstone Realty Professionals - All rights reserved