How often have you heard people making landlords the butt of all nasty criticism and unpleasant remarks? Now that you own property and are ready to get into the shoes of a landlord, how do you keep yourself from being stereotyped into the nasty-landlord category? For, if you establish your reputation of being a good landlord, you will naturally see greater number renters’ applications coming in who might also be willing to pay relatively better monthly rates owing to your goodwill.
1. Be Aware of Your State’s Renting Laws
To become a good landlord, you must educate yourself on all the laws pertaining to renting property in your state. Having a thorough knowledge of these will save you from unnecessary disputes with tenants, and will also acquaint you with how you can protect your own rights as a landlord.
2. Document Every Little Thing You Would Expect
If you want to put across some regulations to your tenants, documentation is the way to go. You can customize lease documents as long as they are in accordance with the laws of the state. Even if it is about minor stuff like quiet hours or number of pets allowed, include all your conditions explicitly in the documents beforehand.
3. Keep the Best Interests in Mind for Both the Parties – The Tenants and Yourself
The way to harmonious long-term profitability as a property owner and manager is by genuine practices where neither of the parties incurs a loss. Charge a fair rent, offer reasonable reimbursements for any replacements of faulty parts in your property that the tenants do on their own, and do not overcharge for utilities.
4. Build a Relationship with Your Tenants
A friendly chat can go a long way into establishing trust between a renter and a tenant. While becoming best buddies may not be the wisest choice, striking a non-intrusive personal connection will be perceived as a gesture of warmth.
5. Establish Healthy Lines of Communication
A good landlord must always be approachable by the tenants. Be available on phone and mail, address issues in time, and remain as polite as you can even during unpleasant discussions. View property management as a serious profession and communicate accordingly with all of your clients. Good communication and efficient addressing of relevant issues will make you a favorite among tenants.
6. Do Not Intrude into a Tenant’s Personal Space – Limit the Inspections and Give Notice Before One
It is natural for a property owner to be concerned about their property. You may even come across tenants who appear particularly rash in their everyday handlings of your house. But barging in their personal space is just not the right solution for it; in case you suspect rashness, address the issues directly and be firm about how well you would like your items to be cared for. Periodic inspections are acceptable, but limit them to a maximum of three times a year, and give prior notice before your visit.
7. Specify the Dates within Which You’d Expect the Rental Payments
Dates for making rental payments may cause heated misunderstandings between renters and tenants. Avoid the conflict by specifying in the renter’s agreement the window within which you would like monthly payments made.
8. Do a Thorough Background Check on the Tenants
Last on the list, but quite as essential as the rest, your being a good landlord is vastly dependent on how good your tenants are. If they delay payments, breach regulations, or call you for unimportant matters at odd hours, it will cause frustration and you won’t be able to put up your best behavior. Therefore, try as best as you can to have people with clean past records stay in your house. You have the right to ask for income documentation and credit records before renting your property.