Being a landlord is a rewarding experience and can yield a higher post-tax return on your investment than other fixed-income investments. But it isn’t for the faint of heart. Being a good landlord is about more than screening the best candidates. It’s also about being approachable and fair.
Even seasoned landlords can use some tips from the experts every now and again. If you’re looking for creative landlord tips, keep reading. We’ve compiled a list of the best tips for how to be a good landlord.
1. The Importance of Being Accessible
Being accessible as a landlord is key to having positive relationships with your tenants. By responding promptly to calls and emails and ensuring that you’re available to your tenants, you can make tenants feel like they’re able to communicate with you and trust you.
By understanding and actively addressing a tenant’s concerns and needs, you’ll be helping ensure that they have a good experience living in your rental property.
2. Establish Clear Rules and Agreements
Establish clear rules and agreements about the property before your tenants move in. Make sure your tenants know your expectations, such as when rent is due, your pet policy, parking rules, and noise level.
Put any verbal agreements about the property in writing, and have your tenants sign the document. You should also put any rules and agreements about the property in the lease for reference.
Have a walk-through with your tenant to go over the condition of the property and take pictures.
3. Learn How to Mediate Disputes
One of the most important tips on how to be a successful landlord is to learn how to mediate disputes between tenants and other members of the community. Renters can often feel overwhelmed and intimidated by landlords with little patience and no mediation skills.
Be proactive, anticipate tenant issues before they arise, and be prepared to work through any confrontations calmly and effectively.
4. Make Maintenance and Repairs a Priority
Having regular inspections is key in preventing minor issues from turning into costly repairs, making it much easier to maintain your rental property.
An inspection of all systems, such as plumbing, electrical, and HVAC, should be conducted periodically, if not every year. Upon receiving maintenance requests, respond to tenants in a timely fashion and communicate with them during the process.
5. Educating Yourself on Laws & Regulations
As a landlord, it is crucial to be aware of local laws and regulations to ensure that your tenant’s rights are both protected and respected. You should arm yourself with the knowledge of the laws of your state as well as any city-specific regulations regarding both tenants and landlords.
It is also important to stay informed and keep up with any changes to the law that might affect the way you do business as a landlord. Finally, it is best to have a working relationship with an attorney who specializes in landlord/tenant law and can advise you on your responsibilities and rights as a landlord.
Once you have followed these tips, consider FrontLobby tenant screening to start finding the tenant of your choice.
Practicing How To Be a Good Landlord
On how to be a good landlord doesn’t come easy, but with the right tips and advice, it can be achieved. As a landlord, it’s important to keep tenants in mind and treat them with the respect and courtesy they deserve.
If you’re dedicated to being the best landlord you can be, be sure to take full advantage of all the resources that can help make the job easier.
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