Being a landlord is a reliable source of income and can be very rewarding. One of the reasons that people enjoy the occupation is that it remains interesting by involving many different tasks. But these require a variety of skills that you need to have to be successful.
One of these is creating an environment in which your tenants enjoy living. You don’t have to be a pushover to know how to be a landlord that renters trust and appreciate.
Tenants who have a good rental experience, including getting along with their landlord, are more likely to stay, pay rent on time, respect the property, and recommend other rental units to their friends. That means your business will be more successful and you will make more money.
Keep reading for some landlord tips on how to keep your renters happy and your business productive.
It is important to set the tone with clients from the outset. Be clear about rental requirements, but do so in a friendly and welcoming way. Remember that a tenant is choosing to make your property their home.
Let them know that this is a business agreement. Be upfront about the fact that you are both getting something from the arrangement. But also make it known that you know how to be a landlord that understands the importance of relationships.
Having an amicable yet professional relationship with your clients will pay dividends down the road, for both parties. They will know that you have certain expectations but that you view them as people and not just a rent check.
Communication is important on the business front as well as the personal one. Make sure new clients have a copy of the rental agreement and other applicable paperwork. But also send them a welcome package, with things like paper towels or other supplies they can use while settling in.
Communication is important at the outset but also throughout the duration of your relationship with tenants. Try to respond quickly to tenants’ requests, even if it is inconvenient or if it is one you feel is unreasonable. Always be positive, rather than coming across like requests are a bother to you.
If your repair person cannot fix a broken drain for several days, make sure the tenants know that. It is better to deliver bad news upfront rather than keep them in the dark. And they will view you as an ally in this process, not another obstacle to be overcome.
Don't Get in Over Your Head
More than half of all landlords manage their own properties. If you are one of these, you will be juggling a lot of responsibilities, including advertising, accounting, legal agreements, and being able to engage with people. Do not let attending to tenants’ needs slip through the cracks.
Like with any other venture, you never want to get in over your head. Be sure to give the necessary attention to the properties you own.
There are alternatives to spreading yourself too thin. If you are looking to downsize, I Buy SD is a company that can help. These businesses can pay cash for properties so that you can go back to focusing on the projects that are most important to you.
Know How to Be a Landlord Your Tenants Love
Now that you have an idea of how to be a landlord that runs a tight ship but also respects the needs of your tenants, you can be confident that your tenants will be happy and that your business will continue to thrive.
We hope this information was useful to you. Be sure to check out our other commercial and residential real estate blog posts for other helpful information.