Being a landlord doesn’t require only a property to rent and tenants to rent that property to. Even though many believe that’s all it takes, to be a truly good landlord, you should do your best to build and maintain a good relationship with your tenants. Now, you need to understand that you don’t have to become best of pals, but you should foster mutual respect and try to be as communicative and reachable as possible. If you’re not sure what you can do on your part, check out the list below.
Determine your level of involvement
It’s important to determine how much you are willing to get involved personally with your tenants. If you’re renting multiple properties, you can either choose to run them yourself or you can hire a manager to do the job for you. If you wish to have as little involvement as possible, you can hire a building manager and a superintendent to handle everything in your stead.
Assemble your team
As a landlord, you are expected to take care of any emergencies that might arise, no matter the time of day or night. That’s why you should have a team of experts you can call for aid collaborating with you. So, experienced plumbers, trusty electricians, appliance repair pros and emergency locksmiths should all have their place on your speed dial list.
A good landlord needs to understand the importance of easy communication. So, make sure you have reliable communication channels in place, whether with your managers or your tenants directly. These can include anything ranging from emails and texts to direct phone calls. The important thing is to make everyone understand that the best, quickest and easiest way to solve a potential problem is to speak to you.
Another sure-fire way to ensure smooth sailing is to be respectful towards your tenants but expect nothing less in return. No matter the situation you find yourselves in, restrain yourself from raising your voice, threatening your tenants or swearing. Renting a property is the same as running any other business, and just like you would show respect to your customers even though they might be wrong, you need to do the same with your tenants. And, of course, you can’t expect anyone to respect you if you don’t offer respect in return.
Be Fair with Rent
Usually, local building laws will determine the rent you are permitted to charge for your property. However, if there are no such laws where you live, try to find out how much other landlords charge for newer/older buildings in your neighborhood. Since the latter case allows for some flexibility, and if that’s the case with you, it’s important not to be greedy. Don’t have the lowest rent in the neighborhood because you still need to profit from renting your property, but also avoid having the highest rent because that can easily turn potential tenants off.
Sooner or later, you’ll be faced with a tenant that cannot make that month’s rent for one reason or the other. In such a scenario, you can show compassion and allow your tenant to make the payment later, when they are able, without asking them to pay the late payment fees. However, if this behavior keeps on repeating, you should consider other courses of action.
Handle Evictions like a Pro
There are basically only two reasons to evict someone: either due to the breach of the lease agreement or due to non-payment of rent. Whichever the reason, you need to handle the entire situation professionally. If your (now ex) tenants are really making a huge fuss about it and especially if they’re misbehaving, you are at liberty to contact the police and ask them to help you out.
As you can see, everything basically boils down to being respectful and patient towards your tenants, even if they sometimes fail to show the same in return. But, a true pro must stay focused and professional in every situation, because renting a property is just like running any other business, so you need to make sure that your customers are satisfied with the services you’re offering.
Author Bio: Lillian Connors can’t resist the urge to embark on a myriad of green living/home improvement projects and spread the word about them. She cherishes the notion that sustainable housing and gardening will not only make us far less dependent on others regarding the dwellings we inhabit but also contribute to our planet being a better place to live on. You can check her out on Twitter and LinkedIn.
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