Making the decision to become a landlord is a big responsibility. You are putting your mortgage in the hands of someone else, and you still need to provide certain amenities to your tenant. There are bad landlords and there are good landlords, and being a good landlord is more rewarding than being bad. In order to reap the benefits of being a good landlord, such as having solid tenants, you need to use the following tips.
Know the law.
The first thing you should do is know the landlord law in your state as well as your tenant’s rights. If you don’t break the law, you’ll take the first step toward being a good landlord. Make sure that you have a full understanding of your own rights, and then also be sure you have a contract to keep you and the tenant protected. Knowing the law will help keep you safe from any poor tenants too, so always keep this in mind.
If you’re unorganized, you may find it hard to stay on top of your responsibilities. Use tools like Property Connect to manage your rentals. These tools can help you rent your vacant places faster and also stay current on rent payments.
You are expected to provide certain services and/or amenities to your tenants, so do so. If they need something fixed around the property, do it quickly and efficiently. This will keep your tenants happy, which may decrease their chance of moving. So, for example, if your tenant is complaining about a leaking bathroom, contact a plumber quickly and get the situation fixed. If you have a good tenant, and you treat them well, you will want to keep them for as long as you can.
You need to understand that things happen, and sometimes, your tenants cannot control what happens. If you have a good tenant who made a mistake, give them a break. Don’t take their security deposit away for something minor, and don’t threaten them with legal proceedings if it’s unnecessary. Remember that you are also human and make mistakes, and you want to be treated with the same respect.
In addition to being helpful, you should also be friendly. If you live in the same building, be sure to say hi when you see them and ask about their day. You should also do something small to show them you care, such as sending a card on their birthday. You’ll be amazed at how far a small gesture can go.
If you manage multiple properties, you need to treat your tenants fairly. Make sure that you charge similar rent for similar properties, and don’t give tenants special treatment over others. No matter how secretive you think you’re being, they will find out, and this will only cause frustration for both you and them.
Being a landlord is tough work, but if you use these tips, you can make the best of it and help make it easier. When you’re polite and treat your tenants with respect, they’ll want to stick around, and this means less stress for you.