Tips for Being a Great Landlord
As a landlord, your rental property generates income much like any other business. If you want that business to be successful, run smoothly and attract the right customers, then you have to be a good landlord.
Trying to be a great landlord brings along a few benefits:
– You’ll have an easier time making repairs
– Communication will be smoother
– You’ll draw the right kind of people to your property
– It may become easier to get current tenants to pay an increase in rent
The following tips will help you be the kind of landlord that all the good tenants will want to work with.
Make Repairs in a Timely Manner
One of the most common complaints about landlords is that he or she is slow about making repairs. You don’t want to be one of those landlords! This is your property, as it is, and the faster you take care of maintenance projects, the longer you’ll keep your property in good shape.
It also sets a good example for your tenants. You have a right to expect timely payment if you are also timely about keeping their living space well-maintained.
Design a Custom Lease and Stick to It
You can get a generic lease outline anywhere. But if you take the time to edit it to reflect your values, you can avoid a lot of headaches later on. Be very specific about your expectations for tenant behaviour, what pets are allowed and so on.
Tenants appreciate consistency. A well drawn out lease, perhaps with some advice from a lawyer, will help you to respond as consistently as possible in a variety of situations that may arise.
Be Welcoming and Thoughtful
A good landlord doesn’t just sign a lease, toss the keys and disappear. You can set a positive tone for the business relationship by making an effort to welcome new tenants with a personal touch.
Stock the bathroom with tissues and hand soap on moving-in day. Leave a clearly-written copy of your contact information on the refrigerator. Write a brief scheduling detailing important information like rubbish collection and nearby bus routes. Simple but heart warming touches!
Build a Positive Relationship but Maintain Limits
You want to maintain open lines of communication with your tenants. It’s recommended to be available to take their calls right away if they have an issue.
You should exercise compassion with your tenants who deserve to have the rules relaxed on occasion.
But it’s equally important that you respect your tenants’ privacy and maintain a measure of emotional distance. It can be difficult to resolve legal and financial disputes if there is an emotional bias.
This is a business relationship, after all. You don’t need to dress in formal business attire every time you stop by the property, but you want to treat your tenants (customers) with common courtesy at all times.
Starting out with your first investment property? Talk to us about getting the best possible finance deal.
– Dom Cassisi, Managing Director