Being a landlord can be tricky. There are several rules and regulations to follow and the need for constant maintenance and repairs. If you want to be a good landlord, there are things that you can do on your end to help make the experience easier for both you and your tenants.
Seven Ways to Be a Great Landlord
1. Best Practices When Marketing Rentals
Be sure that your ads accurately describe what renters should expect when living at your home so that they don’t feel duped by false advertising later on down the line. Advertising your rental unit on residential property management websites is by far the best and safest method.
2. Know Your Laws
The first thing that you need to do is make sure that you understand the laws of your region. Even if there are no specific rules or regulations in place where you live, it’s still crucial for landlords to be aware of their rights and responsibilities when renting out a property. Knowing your rights will guarantee greater peace of mind and protect you and your tenants from potential conflicts.
3. Reach Out to Current Tenants
Make sure that you maintain a good relationship with your current tenants. They’ll be able to give you detailed information about what needs improvement and when repairs should happen.
If something breaks in between tenancy periods, get out there quickly so that no one gets hurt. Repairing or replacing damaged items while your tenant is on vacation can also keep things running smoothly throughout the year.
4. Honesty About Fees
While it’s okay to charge fees like security deposits and last month’s rent upfront, don’t try to sneak additional fees into legal documents later on down the line, as this will only lead to trouble (and furious tenants).
Being honest about fees includes charging higher rent rates or fees for late payments. It may be tempting to try and make a bigger profit, but it will only hurt your business in the long run.
5. Set Fair Rent Rates
Remember that this is not just about making money; it’s also about providing housing for people who need somewhere safe and comfortable to live.
Make sure rent prices reflect what current market conditions look like so tenants can afford their homes without any unnecessary stress or financial strain. Being transparent with renters from the beginning makes everyone feel better when moving into new places too!
6. The Signing of Legal Documents
When tenants apply for rental properties, have them sign all legal documents on the first day they move in, so there is no question about who owns what.
Having them sign a rental agreement prevents any miscommunications from taking place. Plus, it protects both you and your tenant if anything were to go wrong later on. (fingers crossed it doesn’t!)
7. Provide a List of Maintenance Contacts
Make sure that tenants can easily reach out to maintenance professionals, whether these are general repairs or damages caused by an accident or natural disaster like flooding in their property.
Home repairs and maintenance should happen as soon as possible to keep everyone safe and comfortable! If this isn’t available, give instructions on how the tenant can handle things themselves without causing further damage.
Apartment Safety
If you own an apartment, ensuring that it is a safe home for your tenant is essential. This infographic explains how renters can keep themselves safe and how a landlord can ensure apartment safety for their tenant. Some of the information can help landlords of homes, as well.
Infographic Provided by KEYper Systems
Another bonus for apartment rentals is to have a balcony or patio area. Even a small space is beneficial, and if it is set up well, your tenant will love the area.
Ways to Be a Great Landlord
While you must ensure a profit on your rental property, you should also work on ways to be a great landlord. When your tenants think you’re great, they’ll take better care of your property and be more likely to pay rent on time. Plus, they might recommend another great person to rent your property once they move out.
Do you have a rental property? How do you ensure a good relationship with your tenant?
