5 Tips for Being a Successful Landlord
with Happy Tenants
By Derek Lotts
Keeping a smile on your tenants’ faces is a hassle – or so the majority of property owners think when they first start their landlording journey. Although it does take some time to learn all the tricks of the trade, it’s definitely worth your while. If you aspire to become a successful landlord, these five tips will take you from mediocre to amazing. Read on!
A successful landlord keeps their property in mint condition
First and foremost, if you want to be the best landlord there is, you have to be on top of things. That involves making sure that the property is kept in mint condition as a way of presenting the property as more appealing and ensuring the reduction of vacancy expenses. Your rental property has to be thoroughly inspected to ensure there are no issues that could turn into bigger problems later on. Also, how clean the property is will say a lot about you as a landlord, and unkempt lawns and chipped paint are two things that scream “lazy landlord” and certainly won’t impress the tenants. Before showing your vacant property, you need to make sure that it’s clean from top to bottom. Although it will require some elbow grease, it will be worth your while because the tenants are generally more likely to move in when the whole property is spick and span.
A successful landlord thoroughly evaluates their potential tenants
Screening out the bad apples is a process every landlord has to go through to ensure their tenants are trustworthy and won’t cause problems. The last thing you want is a tenant who doesn’t pay their rent on time, damages your property and causes problems to other tenants. Even though it’s fairly obvious why you as a real estate investor need to make a selection and reject bad applicants in order to protect your property, the mistake many landlords make is they don’t really evaluate the tenants whom they’re letting in, with their focus solely being placed on just filling a vacant property regardless of the potential threats that they might be facing as a property owner. Treat your business like a business, not a hobby, and take some time to learn how to discern bad tenants from good ones before you rent your property to anyone. Just be sure to apply the right tenant screening methods so you don’t face any federal discrimination lawsuits.
A successful landlord uses technology to their advantage
Another aspect of successfully running a rental property is the ability to do it effectively and efficiently. Now, as the technology progresses, we’re seeing more and more options that allow for a more practical and less time-consuming approach to handling tasks and duties regarding the rental properties, and one practical tool that is becoming increasingly popular among landlords is a reliable property management software by Rockend. One of the numerous benefits that come with this tool is the ability to improve the landlord-tenant communication, allowing for a simpler and faster property management process. Cloud-based software is easily accessible from anywhere and from any device. What’s more, it enables you to safely store all your data, which means you will have everything you need in one place at any given time. See the 10 Best Landlord Software Platforms. When you’re running multiple properties, such software can come in pretty handy, wouldn’t you agree?
A successful landlord tends to any maintenance and repair requests
Now, the thing that can really distinguish a great landlord from a mediocre one is their ability to tend to their tenants’ needs as soon as possible. If the tenant you’re renting your property to has encountered some issues that require repairs, you need to make sure you respond promptly and do your best to find a solution to the problem in a timely manner. Whether they’re dealing with plumbing issues, faulty appliances, or clogged toilets, it is crucial that you respond immediately in order to avoid any further damages. Experienced landlords know that these things are inevitable, so they always keep their trusted, reliable professionals on speed dial – and you should too! Finding the best landlord insurance is crucial for property owners, ensuring they are adequately protected against potential risks and liabilities associated with renting out their properties.
A successful landlord establishes a good relationship with tenants
Good communication is vital to establishing a good relationship with your tenants, and the way you approach them can either make it or break it. A successful landlord respects the privacy of their tenants, which is why they do their best to give them enough space and don’t come across as imposing. Trust is an integral part of good relationships, so avoid following their every step trying to figure out whether they’ll do something that is off-limits. It’d be best to trust your tenants and their better judgment until they give you a reason not to, and check in on them from time-to-time to show them you care.
Although it’ll take some time until you have it all figured out, becoming a successful landlord is achievable if you put in the effort. Follow these five tips to ensure your tenants are happy and give them a reason to stay, thus helping your rental property business bloom.
Derek Lotts is a Sydney based writer and researcher, a regular contributor at Smooth Decorator blog. He writes about décor, gardening, recycling, ecology and business. He thinks all of these topics fall under the self-improvement category. He believes in the power of sharing ideas and communicating via the internet to achieve betterment.