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Tuesday, 23 June 2015 05:00

How To Be A Good Landlord – Tips for Becoming Successful Landlord

How To Be A Good Landlord – Tips, Advice & Responsibilities

landlordsBuying a rental property and becoming a landlord comes with a lot of responsibilities and unfortunately stress. A landlord generally deals with tenants and their complaints, high dollar property repairs and many other endless rent tax issues. All these things turn a well-meaning property owner into a jaded landlord.

 

Oftentimes, as a landlord, it is easy to see your tenants as dollar signs, instead on building a good tenant/landlord relationship. But, establishing a good relation with your tenants and marketing yourself as a good landlord has various benefits. You won't be having any disputes with your tenants over repairs or maintenance. Your tenants are more likely to renew the lease even with a rent increase.

 

Following are seven tips you can utilize to be a great landlord.

 

1. Customize the Lease

You can get a standard lease form online or from any office supply store. This will cover the basics of lease, including rent, security deposit cost and legal terms and conditions. You can consider adding any special rules and include late payment fees to maintenance responsibilities. A clear lease with all do's and dont's mentioned, will reduce friction between you and your tenants.

 

2. Know the Laws

Each state has a landlord and tenant act that covers rent, security deposits, rights and duties of landlord and tenant. You can get the copy of these terms from the Department of Housing office in your area. Get to know about the laws and your duties towards your tenants. In worst-case scenario, violating a tenant’s right may lead you to the civil court.

 

3. Make those Repairs

Make sure you perform all the repairs in a timely and efficient manner. Tenants will surely respect you, if you try to solve their issue as soon as possible. Inspect the damage and schedule the repair immediately. Timely repair and maintenance is also vital to retain good tenants for a longer period.

 

4. Keep the Lines of Communication Open

Let your tenants know the most convenient way of getting in touch with you. When a tenant moves in, give them your email address and contact details. Email is the best option if you want to keep a written record of the communication between you and your tenant.

 

5. Respect the Tenant’s Privacy

Tenants want their privacy. Make sure you give your tenant a notice before visiting the rental. You certainly shouldn’t abandon the rental property, particularly when you suspect that the tenant may have caused some damage to it, but at least inform them ahead of time when you plan to visit them. Make sure you limit your visits to business hours or the early evening.

 

6. Exercise Compassion

Occasionally, tenants will have a problem. They may be running a day late on their rent payment or they may have to host their relatives at their home for a couple of weeks. Whatever the problem, try to deal with such situations calmly. It is good to show your tenants a bit of compassion, they will surely remember your kindness. If your tenants find you good and kind, they will surely think of renewing their lease or accept a small rent increase.

 

Consider these easy tips to show your tenants that you are an attentive, proactive and understanding landlord.

Do you want to know more rental properties and how to effectively deal with your tenants? Call our professionals at Rental Home Financing today.

Talk to us at 888-375-7977 to build your rental portfolio or get investment property advice for rental apartments at attractive locations throughout USA.

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