Tips on How to Be a Good Landlord

Being a landlord is not an easy task. You have to take care of your tenants, sort out their complaints, collect rent on time, do property repairs and a lot more. Instead of viewing your tenants as purely dollar signs, building a long term relationship with them will surely help you in dealing with all these issues with much ease. Being a good landlord is just about being flexible with rent due dates, it’s all about how you establish a good connection with you tenants and market yourself as friendly and approachable. Here are few cool tips for you to be a great landlord.

A warm welcoming walkthrough

Giving your tenant a warm welcome can be a good ice breaker. It is likely that the tenant might be new in town. Giving them a verbal walkthrough of the town will help them in knowing the place faster. Providing them addresses and contact details of local stores, pharmacies and other nearby facilities will definitely help them in adjusting smoothly. You tenant will also feel good as they will get a helpful landlord (well, who doesn’t want one?).

Provide some freebies

Here’s the thing, your tenant has just moved in, it might happen that they might have forgot some daily essentials. Providing some freebies like toilet paper, soaps, all purpose cleaners etc will make them feel grateful. Such things will also make them keep your house neat and clean as they will get the hint that you like cleanliness.

Know your contract

This goes for both the parties. You must know your contract and the local laws and inform the same to your tenant. Each state has a tenant and landlord act that covers each and every aspect of the agreement such as security deposits, rent, obligations, rights, exit clause etc. you can either get it online or get it from a department of housing in your area. Give a copy of the contact and ask your tenant to go through it carefully and ask questions if they have any doubts. You don’t want to get into a dispute later which may lead to legal implications in the future.

Make sure your contract is customized according to mutual agreed terms and conditions. A clear and understandable contract will reduce and future friction between you and your tenant.

Be professional yet friendly

It is very important to present yourself presentable and professional. If you are neat and tidy, they will assume that you like to keep things clean and orderly. First impression is the last impression. It is always great to have a friendly relationship with your tenant, but be professional at the same time. Do not get too emotionally attached to them. It is advisable to have distance, always remember: you’re in a business contact. You do not want to lose out money to maintain friendly relations.

Be approachable

Being approachable should be your first priority. Provide your current contact number and email address to your tenants and get the same from them. Make sure you communicate the agreed terms and conditions properly. Tenants should not feel hesitant to approach you for help. Give the liberty to them to make minor changes (if required) and consult you before taking any major decisions.

On the other hand, you must respond promptly to your tenant’s complaints. Any communication with your tenant is a business interaction. If you would not be available, then inform the same to the tenant.

Respect your tenant’s privacy

Often this is a reason for the tenant’s to move out. Certain landlords have a habit of checking out their property pretty often. While it is true that landlords have a right to inspect the property, it is always good to give them privacy. Such things should be mentioned in the rent agreement so that they know such things before hand. Call the tenants before you plan to visit the property. It is advisable to limit your visit to business hours or even early evenings.

Document all records and keep them updated

Keeping electronic copies of all the documents is a great time saver. It also makes sure that any future disputes can be addressed if you have proper documentation. You don’t want any important document missing when you need it the most. Give a copy of all these documents to your tenant as well. Keeping everything updated will help you in keeping yourself out of last minute hassles.

If you can’t handle, hire a consultant

If you are not comfortable in doing all of these things, hire a property consultant. There is definitely a reason why these property consultants do so well. They have the skills and expertise to handle tenants in all situations. Well, they do charge a sum, but that can be worth if it saves your stress. Consultants also take care of the property repairs and manage your property so that it never goes vacant (a win-win situation for both).

In order to get good tenants, you need to be a good landlord. Even though tenants are nothing but your customers, making sure you follow the rules and are willing to go the extra mile will make them feel good and will increase their confidence in you and your property.

These tips will help you in being proactive, understanding and an approachable friendly landlord.