In a previous blog I discussed what makes a good rental property. On the flip side, have you ever wondered what it takes to be a good landlord? Managing properties and tenants may sound boring, but it can quickly become rewarding if it’s done the right way. With 45% of landlords reportedly managing their own properties, there are undoubtedly some traits that set aside the good ones from the bad ones.
In this article, I’ll discuss everything you need to know about being successful in the landlording business so you can be the host of every tenants’ dreams.
Qualities That Make A Landlord Outstanding
Many different qualities make a landlord stand out. A good landlord is receptive and warm towards his tenants while being smart about his rights and investments. Below are a few pointers that you can follow to take your landlording game up a notch.
1. Communicate Clearly
Communicating quickly and effectively with your tenant can make all the difference in the world. Make sure you prepare a solid state-specific lease and sit down with your tenant to go over it. If you don’t allow smoking or pets on your property, communicate it clearly to the tenant. It is always better to convey your expectations beforehand to avoid problems down the road.
2. Offer a Welcoming Hand
There’s nothing more comforting for a tenant than having a landlord that offers him a helping hand. Small gestures such as leaving a drink in the fridge or flowers with a welcome note can go a long way in building a healthy relationship with your tenant. You can also offer local information about the town and check up a few days later to make sure everything is okay.
3. Keep the Property Well Maintained
An excellent landlord takes care of his property and keeps it well-maintained for his tenants. You should ensure that the property is clean and tidy, there are no broken cabinets or missing doorknobs, and the plumbing and lighting are up to the mark. You should also address repair issues quickly, such as repairing a major appliance, broken windows, air filters, and drainage. This can go a long way in building trust with your tenant.
4. Sticks to the Leasing Agreement
If any dispute arises, a good landlord always consults the leasing agreement. This will help you avoid any unforeseen incidents with the tenant and resolve the matter at hand cordially. You can even refer back to local laws or take help online to sort out the issue.
5. Keep a Firm But Fair Approach
While it is essential to respect the tenant’s rights, you should not forget about yours. A good landlord deals with his tenants professionally and has procedures in place to ensure transparency. You should stay consistent in your expectations so that there’s no confusion between the two parties. For instance, you should communicate your availability to your tenants and deal with the queries at that time only.
6. Keep a Polite Distance
While being cordial is good, being too nosy isn’t. Your tenant has their own lives, and they will not appreciate your constant interference in all likeliness. You should also stay flexible in small matters and let things go rather than fixating on trivial issues. Giving your tenants breathing space is a major sign of a star landlord.
7. Can Be Reached Easily
It is always refreshing for a tenant to find out his landlord is easily accessible. You should provide the tenant with different contact mediums, such as your contact number and email. You should also try your level best to answer any queries the tenant may have as quickly as possible. This can add to your reliability as a seasoned landlord.
8. Is Smart About His Investment
A landlord’s property is his investment, and he is always smart about it. You should market your property by using different marketing channels, especially social media. You should also understand that a good tenant can save you serious bucks in repairs and maintenance and devise an intelligent screening procedure. You can ask potential tenants to fill a form (not so complex that they leave) that can provide insight into their lives and personalities so you can choose the most suitable candidate.
Start Your Career in Real Estate or Landlording
You may have to spend many hours building your reputation as a pleasant and charming landlord. However, once you have passed this phase, tenants will be lining up to rent your property! Some websites allow tenants to rate landlords and share their experiences. You can ask your tenants to leave a testimonial to build your trustworthiness around potential clients. As good landlords are really hard to come by, you can benefit from your credibility by earning higher rents and renting to tenants that will keep your house neat and tidy.
Did you find this article helpful? Check out this one on how you can build passive income as a landlord.