Simple Ways to be a Great Landlord
Making the decision to be a landlord is one that most of us put a fair amount of weight into. It can be intimidating to take on the challenges of being a landlord, but it can also be a deeply rewarding experience. In order to be a good landlord, you will want to be able to be an approachable and reliable manager for your tenants. In this article, we will explore how to be a better landlord so your tenants love living on your properties.
Principles for Being an Incredible Landlord
Being an incredible landlord is all about remembering the purpose that you serve. Landlords are not simply people who manage properties. They are individuals who also create a safe and reliable space for people to bring their concerns. Landlords are important public figures and should be there as a helpful part of the community. Be kind and approachable—and remember what kind of role you play in your community.
How to be a Great Landlord
Being a great landlord is easier than you might think with the right mindset. Instead of falling into the trap of focusing on the negative parts of the job, focus on the positives instead. Landlords play an important role in society and can benefit their communities in a big way.
Customize Your Leasing Options
Custom leasing options are a wonderful way to be a better landlord. As much you as might wish that all of your tenants brought the exact same circumstances to the table, the truth is that they just don’t. Being a better landlord often comes down to being able to work with people.
Leasing options are something that some shy away from, but all it does is keep you from bringing in wonderful tenants. Different leasing options help you to meet the needs of the individuals looking for a place to rent.
There are many different ways to customize a lease. It might mean offering different lengths for leases, which can help people who are looking to really secure a good rate or who simply won’t be in an area for a long time. It also helps to offer leases for those who might have pets—or even special circumstances. People benefit every day from leases with higher security deposits while they recover from damaged credit.
Know the Laws in Your Area
This is one of the more practical tips for landlords. As a landlord, it is your job to know the laws and be able to speak to them. In truth, this is one tip that is important for both good and bad circumstances.
Knowing the laws will help you to meet the bare minimum standards of what your tenants can expect from you. A lot of these laws are designed to protect tenants who might have specific needs pertaining to the conditions they live in. By staying informed, you can provide a better experience—and protect yourself from any potential lawsuits. Some of these laws can help you to protect yourself, your property, and your tenants by helping you to remove problematic individuals from the property.
Make the Repairs—and Fast
One of the best ways to be a good landlord is to stay on top of property maintenance. If one of your tenants has an issue, you want to make sure that you are ready to step up and handle it for them—and fast. All too often, people leave bad reviews and move out of properties because their landlords simply didn’t act with enough haste.
No one wants to live in a property where they don’t have access to the best parts of their apartment. Having a dishwasher go out and not be fixed immediately—or even having a poorly maintained pool can lead your tenants to be incredibly unsatisfied with their time spent on your property.
While you can’t handle every problem the same day, some problems can and should be prioritized. Your tenants should feel like you are there for them and will handle any problems with the correct amount of haste. Failing to do so can lead to a negative experience.
Allow for Open Communication
As a landlord, a big part of your job will be communication. All of the best landlords know their tenants and are easy to reach. This creates an environment where tenants feel confident in their time spent on your property. Being easy to reach will help them to receive quick solutions and makes it possible to handle problems as they arise in real-time. Your tenants deserve to be heard, so make sure you can really focus on communicating with them as effectively as possible—even outside of office hours. Some discussions simply cannot wait.
Compassion is a very important strength to exercise as a landlord. While your tenants might be income to you, from their side, they are heavily dependent upon living on your property. The simple truth is that life happens, and sometimes that is for the worst. It is understandable to expect your tenants to meet the requirements laid out in their lease, but sometimes it truly is impossible.
As a landlord, you must understand that people do run into financial constraints. It is important to recognize that there might be a day where your tenant is a week behind on rent. There might be circumstances that could lead to unexpected outcomes for them. Rather than simply terminating the lease, good landlords will work with their tenants to find helpful solutions.
Being a landlord and property investor is a complex job, but it is also an important role within our society. By focusing on how you can best serve your tenants, you will create a thriving property that will support and encourage tenants to stick around. Always be kind, understanding, and willing to work with your tenants. You are responsible for ensuring that your community is welcoming and provides every tenant with a pleasant place to live.