There are more than ten million independent landlords in the United States and tens of millions of rental properties. Renters today have a nearly unlimited selection of options when it comes to choosing units to live in. This means that if you are a bad landlord, then your tenants might leave you high and dry.
Also, if you fail to do your duties as the landlord, your tenants can take legal action against you. More and more cities are cracking down on bad landlords. So how can you be a good landlord?
And what separates the great ones from the good ones? These are good questions to ask. And we’ve got the answers that you are looking for.
When you’re a great landlord, that means that you have good relationships with your tenants. Your tenants will then be more likely to take care of the apartment, pay their rent on time, and stay with you for longer.
All of this can lead to more steady streams of income.
So keep on reading and we will walk you through everything that you could want to know about being a great landlord.
Help the Tenant Get Adjusted to the Area
Your tenant will most likely be new to the neighborhood. This means that they are going to need to learn about these surroundings. If you want to be a great landlord, you can print out a list and a map with the local pharmacies, grocery stores, movie theaters, parks, libraries, and more.
While this isn’t something that’s required of you, your tenants will surely appreciate the gesture and the help. You want to show them that you support them.
Write Them a Welcome Letter
When your tenant walks into their new unit for the first time, consider leaving them a note wishing them well and thanking them for choosing your space.
Make sure to provide them with any special instructions. This can include letting them know when the garbage is picked up, what the wi-fi password is, and anything else they might need to know.
Stock the Bathrooms
When your tenant first moves in, the last thing that they are going to be thinking about is buying some toilet paper. You should make sure that there is at least one roll of toilet paper and some hand soap in each bathroom.
Your tenant will then be able to enter their new home with one less thing to worry about.
Follow the Guidelines in Your Rental Lease
Whenever a problem with your tenant comes up, you should follow the guidelines that are outlined in your rental lease. This is going to help you steer clear of additional issues.
If a problem comes up that isn’t outlined in the rental agreement then you can always refer to your city’s local laws. This way, if your tenant starts to complain, you can tell them that you are within your rights.
This is why it is so important to draw up lease agreements that have been reviewed by lawyers.
Remain Calm When Handling Problems
Being a landlord can be extremely stressful. And if a problem arises, you might start to get extremely stressed out. However, when something like a global pandemic happens, there’s a chance that your tenant won’t be able to pay on time.
No matter what is thrown at you, want to stay calm and professional.
There are also laws set in place that prevent landlords from throwing tenants out on the street and infringing on their rights. Try to work something out with your tenant but don’t let them take advantage of you. This is why it is so important to have a lawyer that you can contact to know what you are and are not allowed to do.
Keep the Relationship Professional
In order to be a great landlord, you should be friendly and personable with your tenant. But you also need to set clear boundaries. There’s always a chance that you might have to evict the tenant or see them in court.
You also don’t want to get too involved with the personal lives of your tenants.
You want to always go by the rental lease guidelines that you have set with your tenants. Whether you are responding to a maintenance request or dealing with rent collection, you want to follow what you laid out in your rental lease.
One of the best ways to be a great landlord is to be responsive and accessible to your tenants. If an emergency comes up, your tenant is going to expect you to pick up the phone and help.
Your tenant should have several ways to contact you. This includes email, phone number, and even property management software.
You can view this site to learn more about property management.
The Importance of Knowing How to Be a Great Landlord
Hopefully, after reading the above article, you now have a better idea of how to be a great landlord. As we can see, you need to be responsive, helpful, and kind. But you also want to establish boundaries and follow the guidelines that you set out in your rental agreement.
If you follow the steps that we listed above then you will be quickly on your way to being a great landlord.
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