Just as there are easy and difficult tenants, so there are good and bad landlords.
If you own a property and have decided to rent it out or some space in it, you should endeavour to be a good landlord.
If tenants see you as a fair and considerate landlord, you’re likely to make good tenants out of them, which invariably means peace, comfort and convenience for you too.
Want to know how to get started? It’s quite simple, really, regardless of the current state of your relationship with your tenants. To summarise, it’s all about ensuring you comply with tenants’ rights laws and demonstrate to tenants you’re a good landlord. Let’s have a close look…
Take a landlord insurance
You shouldn’t just be focussed on putting up a nice structure – you should equally make arrangements on protecting you and your prospective tenants by insurance.
It helps if you consult a reliable property management company on finding the right insurance for your property type. Some of the options they’ll throw up for you are Property Insurance and Liability Insurance. This type of insurance cover gives you adequate protection from damages and in the event of a lawsuit.
Fix any faults as soon as possible
If any of your tenants point to any repair need in their rented apartment, schedule a time to come to inspect the damage. If it isn’t an emergency, set up a time that is convenient for the tenant.
The person will appreciate it more if you pre-inform them about your coming; in fact, this is a legal requirement in some areas, cities and countries. Once you’ve done a proper assessment of the damage, find time for the repair immediately.
Keep the communication lines open
Nobody wants to be under a constant barrage of calls, no matter the circumstance. But you sure don’t want to be cut off from your tenants either. Tenants are happier and more relaxed if they know getting through to their landlord is simple and easy.
When you take in a new tenant, make sure they have your business number right away. Alternatively, you can provide an email address where a tenant can quickly reach you when they need your attention. Email communications are minimal, compared to phone communications, and they give you a chance to keep a written record of communication between you and your tenant.
Be firm but fair
You need to find the right balance between firm and fair as a landlord – and stick to it. There are times when you may need to be flexible on some of your conditions or requirements. However, ensure your core values are not compromised in the process.
If you have a no-pet or no-smoke policy on your property, for example, and someone breaks the rule, make sure the appropriate penalty/penalties as stated in the agreement is/are applied. If you’re not firm with your rules in your landlord-tenant relationship, then you can rest assured they’ll be broken again and again.
Organisation is a vital skill as a landlord. You need to keep detailed records, respond to tenants quickly and have an accurate and continually update report on the value of the property. You can only get all of these done with proper organisational skills.
Other ways you can stay organised as a landlord include keeping your office neat and inviting, scheduling specific times to reply to emails, and setting up a to-do list weekly to keep on top of the job.
Ask for renter insurance
Basically, renters insurance covers the tenant; but the landlord also enjoys some benefits from it – especially if the property suffers a major disaster like a fire or floor.
It can also protect the landlord against a lawsuit if anyone suffers an injury caused by a pet on the property or a tenant’s possession is damaged or lost as a result of theft in their home.
So, requesting a tenant to provide evidence of their renter insurance is a smart way to know if they are responsible and financially capable.
There are several steps you can take or habits to adopt if you want to distinguish yourself from the regular landlord. This will guarantee you have happy tenants who are at ease with you and willing to keep their rented apartment for as long as possible.
You can also be assured your reputation as a will spread, which comes with different forms of rewards. So, starting out as a landlord or thinking about how to raise your score with tenants as a landlord? These strategies above are just the best place to start.