Whether you’re renting out a single property or you have multiple rentals, being a good landlord will keep your tenants happy and ultimately get you a higher caliber of tenants as well. Ways to make sure that you’re the best landlord that you can be.
THE LANDLORD DO’S:
- Always screen potential tenants, and offer to refund the costs if they sign a lease with you.
- Know and understand the laws. Remember that local real estate renting laws renting can vary; make sure you know yours.
- Customize your lease. By offering a customized lease, you can be sure to work with the best tenants.
- Walk your tenants through the lease. It’s a best practice to explain what each section means and the importance of it.
- Help them get adjusted to their new home. Tell them where they can walk the dog or go grocery shopping, etc.
- Help with their address changes. Just picking up some extra forms at the post office and having them on hand can be useful.
- Respect their privacy– This is your tenants’ home, so always be cognizant of their privacy.
- Make all repairs as quickly as possible.
- Keep electronic copies of everything. People will appreciate your organization if you ever need to find them quickly.
- Offer online services such as Online bill pay and other communications.
- Reward your best tenants. Consider offering a discount or gift card when they pay their rent early.
- Keep it professional. Try not to mix business with pleasure – and always be kind and courteous.
THE LANDLORD DON’TS:
- Make tenants your buddies. Sometimes it may be hard to maintain boundaries, but keep in mind that this is a business relationship.
- Ignore the lease guidelines. Always respect the lease!
- Neglect the lawn. Curb appeal matters even after the property is rented.
- Lose touch. You must maintain contact with your tenants – don’t disappear on them.
- Be wishy-washy. Maintain consistency with the basics: when rent is due, how quickly you’ll respond, etc.
- Respond slowly. If a tenant needs something from you, get back to them as quickly as possible.
- Dismiss concerns Tenants see more of your property than you can, so take their concerns seriously.
- Forget to budget for maintenance. Keep in mind that maintaining the property is your responsibility — not your tenant’s.
- Ignore your online reputation. Tenants, past and current, talk about you online. Do you know what they’re saying?
- Fail to establish policies. Your tenants won’t know what’s expected of them if you don’t tell them!