Running a rental property is no small undertaking, but it can pay off in the long run (if you pay attention to the ROI) if done right. Becoming a landlord isn’t a reactionary scheme or simply launching your property on the open market.
Instead, a successful landlord works up to becoming such by learning how to be a good and thorough landlord.
Does this sound like something you are willing to tackle? If so, read on for 5 key tips on how to be a good landlord you won’t want to miss.
1. Know Your Tenants
You should take an active role in getting to know them. Talk to them, get to know their names, and what brings them to the rental property. Ask about their work and plans.
Reach out to the previous landlord for any important information about the tenant. Pay attention to any red flags. Take good notes and follow up with tenants to see how everything is going.
Above all, trust your instinct. If it doesn’t feel right, it probably isn’t.
2. Develop a Damage Protection Plan
Ensure that all tenants sign an agreement that outlines their responsibility to repay any damage caused to the property. Undertake regular inspections of the property and get feedback from tenants. Document all maintenance as well as any damage that occurs, and make sure communication between you and your tenants is clear.
Have a clear claims procedure in your lease to ensure any claim is processed promptly. It is also good to be ready to hire lawyers to resolve tenant disputes that may arise from these claims.
3. Create an Effective Communication Strategy
Be accessible and available. Make yourself available as often as possible to your tenants when they have needs or questions. Listen and take the time to understand tenants’ needs, expectations, and any concerns they have.
Provide written communications, and ensure documents relevant to tenants are clear and easy to understand.
Personalize communications that will show the tenants that you care about them.
4. Set Clear Rules From the Start
Make sure to have a detailed list of the rules and explain any exceptions or restrictions. Make sure that everyone is aware of when the rent is due, the payment methods accepted, and appropriate noise levels for the property for example.
Additionally, outline any pet policies and regulations regarding smoking, as well as any regulations regarding parking, guest policies, and more. All tenants should understand the consequences of not abiding by the rules, including late fees or eviction if they fail to adhere to the guidelines.
5. Utilize Technology to Streamline Processes
Take advantage of online resources for marketing your property and processing applications. This saves time and hard work both for you and potential tenants.
Use online payment platforms to easily collect rent from your tenants. This way, the process is automated and you don’t have to wait on your tenants to pay their rent.
Utilize property management software to manage maintenance requests and track rent payments. This can help keep all the data organized and accessible.
Use These Tips on How to Be a Good Landlord Today
Be a good landlord, and your tenants will be happy, improving their experience and lending to a good reputation for yourself. Take the time to be proactive, set rules and policies, and maintain good communication. Use these five easy tips on how to be a good landlord and create a positive relationship with your tenants.
If you need help, you can also reach out to your fellow landlords!
For more tips and advice, explore the rest of our site.