Being a Landlord and Doing It Right
Every landlord hopes that their tenant will want to live in the rental property, stay for the entire lease term, and take good care of it. This article will give you some helpful tips on being an effective landlord. It also explores the best ways to avoid conflict with renters and how you can resolve a dispute when it becomes necessary.
Understand Your Tenant’s Needs
The first step is to think about what your tenant’s needs are. Some people are looking for a cheap place after losing their job. Others are just looking for a place to live that accepts pets. If your tenant wants to rent for a short term, at least 14 days, you can avoid short term rental taxes. If you’re going to lease out your house, you want to ensure it’s a good fit for your tenant. Good communication with your tenant is the key to achieving this goal, and it will help build a good relationship with them.
Careful Selecting Tenants
You never know who’s going to walk through the door when you rent out your property, so being careful about who you select is essential. Ask around your neighborhood to see if there are any previous problems with a tenant living in that particular area or if a neighbor has complaints against them. It might also be good to know the tenant’s credit history. In the end, it’s best to do some research ahead of time so the selection process will be smooth.
Charge a Deposit
One of the most complex parts about being a landlord is dealing with issues from tenants, whether it’s an issue with property damage or unpaid rent. One of the ways to help protect yourself is to ask for a deposit. It can be a one-time thing or a monthly payment as part of their rent. This gives you money that you can use to protect your property—whether it’s paint, cleaning, safety equipment, etc.
One of the best things a landlord can do to help their tenants is to be available whenever there are any issues. Knowing that you are available and care about your tenants will go a long way toward building trust. If there is ever an issue, it makes sense for the tenant to speak with their landlord rather than a random person. This way, they can avoid an awkward situation, and the landlord becomes more comfortable with them by answering questions and solving problems.
Make Sure the Property Is Safe
A property that is not properly maintained and safe can be a huge issue with any tenant. To avoid this, ensure the property is well equipped with fire extinguishers, smoke alarms, secure locks on all windows and doors, and more. If you have a rental property manager handle all of it, you can focus on watching your other properties as well.
Be Available for Meetings
Another vital thing to remember is to make sure your tenants can get in touch with you, if necessary. If they have questions about the property or issues that come up, a quick phone call or email is one of the best ways to get help. You can provide the contact information for your rental property manager if you are working with one. Just make sure you’re available for questions about repairs and other problems that come up.
Make Sure the Property Is in Great Shape Before You Move Them In
New landlords often overlook this one! If you are not happy with the property before moving your tenant in, don’t rent it out. When a tenant moves in, they become your biggest advocate. They can help sell it to others and ensure that the property stays well maintained. Seek assistance from reliable sources if you need repairs done as it can be such a headache to deal with a property in poor shape.
Get to Know Them
In the end, you want to get to know your tenants. It’s crucial for their protection and security, but it’s also a great way to make sure they are staying on your property in the first place. If you get to know them and help them out (as long as it’s within reason), they will trust you and be more willing to let you solve problems if they arise.
Communication is key to a good landlord-tenant relationship. A big part of this is setting rules before the tenant moves in. There are several ways to do this, but it’s essential to talk about noise levels, house rules, payment of rent, and anything that you want your tenant to feel comfortable requesting (or not) from you. It will make for a better relationship with your tenant. Becoming a landlord is a lot of hard work. Good tenants are the difference between making money and losing money. It’s essential to keep these points in mind. After all, you want to treat your tenants well and make sure they stay on your property for as long as possible.