Being a landlord is a tough thing and you need to put a lot of effort. Many renters feel that landlords just sprawl around to get their money. But this is not the real thing; the title ‘landlord’ itself comes with lots of responsibilities. Renting a house is similar to running a business and one needs to manage it professionally. No one can teach a landlord the art of renting, but if the person knows a few rules, it can help him. For a landlord, his attitude is everything. He needs to be polite and at the same time be professional in order to deal with his job. Below are few steps on how to become a good landlord in 2013.
1) Treat tenants the way you wanted to be treated: A tenant and landlord share a business relationship and thus they should be treated accordingly. As a landlord, keep yourself in their position and think how you would want to be treated. Treat them exactly the same way as you want to be treated and the problem will solve itself. Have a positive attitude and be polite with your tenants, as this will solve most of the problems.
2) Talk with them: Talk with your tenants, speak out and share your problems. Maintaining an open line of communication with your tenants is a good thing. Tenants feel happy when they can reach their landlords easily. You can give your tenants your phone number, e-mail address and your home address. Talk with them on emails if you want to reduce the number of phone calls. If you talk on emails, you can also have records of those chats. This can even help you in future.
3) Do the repairs immediately: Many landlords have a habit of neglecting their tenants. But this should not be done. Tenants don’t like to get ignored. Receive their phone calls and listen to their complaints or repair requests. Make it a point to do the repairs immediately and set the priority. If the repair request is not so urgent, make them understand that you will do it later on. Tenants pay their rents every month on time and thus they are your customers who need to be taken care of. The faster you solve their problems, the better the chances of lease renewal.
4) Know and follow tenant’s laws in your area: Every state has different tenant laws but there are authorities for security deposits, eviction and many more things. If the landlords violate the state laws, he can be dragged into court. Thus to avoid this scenario, it’s good to know and follow the tenant laws. You can get the details of these laws online from the Department of Housing website.
5) Have vendor’s list on-hand: Landlords should keep the vendor’s list on hand. They should be able to contact them with one phone call and ask them to resolve the issue on the same day. Maintain good relations with your vendors and trust them so that they can be helpful to you whenever needed. You can even take help from the investors if you are new to the area.
These are the few steps which you need to follow to be a good landlord in 2013. If you think, you cannot do this; get some help from a professional property management company. Such companies are especially made for landlords who cannot handle their properties or don’t have enough time to manage such things. Property management companies do all the work from screening the tenants, rent collection to any needed evictions. They will manage the entire job at an affordable price. Lastly, managing your property is a business and needs to be done professionally.