Just what exactly is it that makes a landlord successful? Well, that list can go on and on depending on the individual that creates it. We all have different expectations of our landlords just like customers do the employees in a retail store, for example. Believe it or not, there are quite a few not so successful landlords out there. Here are five basic, but important things for landlords to keep in mind if they’re going for that outstanding rating.
The Law
This one is pretty obvious, but also a must when stepping into the world of a landlord. A landlord must learn their state’s landlord and tenant laws before taking on the position and follow them. The last thing you need are tenants trying to take advantage of you and not being able to protect yourself.
Choose Tenants Wisely
It is important that landlords carefully select the tenants they want to move in. This means meeting and talking with that person, reviewing their application, and calling references. After careful examination, the landlord should be able to determine which applicants are nice, responsible, and suitable for the environment in which they wish to live. You don’t want to be careless and rush the process, because it could be something you’ll regret and have to pay for in the long run.
Be Organized and Professional
Many landlords tend to get overwhelmed with their workload, especially if they have numerous tenants. It would be a big help to have files and folders for organization of each tenant’s information. Being a landlord is a job, so it is best to stay professional at all times. This means being polite and punctual. First impressions are everything. Just because the landlords are selecting the tenants, doesn’t mean the tenants are not carefully selecting their landlords. Don’t miss out on a great tenant by being unprofessional.
Communicate
Communicate with your tenants and respond to complaints and concerns in a timely manner. Be prompt when it comes to returning phone calls and replying to emails. Some landlords are extremely busy and tend to forget some of the problems tenants are having. Write it down if you need to. Communicate any inconveniences such as days you won’t be in the office or the amount of time before a problem can be handled.
Maintain Premises
Lastly, keep the building and premises clean and presentable. The building should look decent enough for a human being to live in, obviously. But remember the reason for this is not only because you want to keep the tenants happy but because you want to make it a place that they want to keep living in. You don’t want to let your building fall apart and go down the drain as it will be harder to fill with new occupants and more work for you. Work on repairing damages with help from a professional service. Having well-kept premises will also attract better tenants and inspire respect for the home they live in.
Being a good landlord takes no small effort on your part but in the end it can all pay off as you get clean, reliable tenants that take care of the place you offer them. Getting enough rent money to cover your mortgage and then some can be really nice too.
Meghan Belnap
Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise as well as researching new topics to expand her horizons. You can often find her buried in a good book or out looking for an adventure. Meghan recommends using a service like Need-A-Plumber Canada to help with any problems a tenant may be having with their rental.