Useful Tips For Becoming A Reliable Landlord
Being a great landlord takes a lot of hard work and experience dealing with difficult problems and potentially dealing with difficult tenants. Although many of the problems faced by landlords are unavoidable, some measures can be taken into the landlord’s hands to minimize the risks of these problems manifesting.
All successful landlords have had a long run learning the trade and getting insider tips as to what makes a good landlord a great one. Now more than ever the rental market is booming and it is becoming more competitive to keep rental properties tenanted to avoid void periods. A competitive edge can be the difference between keeping long-term tenants and avoiding time-wasting, costly tenants who have no respect for you or your properties.
If you are looking for beneficial habits you can implement to become a respected landlord, take a look at our following suggestions:
Benefits Of Being A Good Landlord
There are still thousands of landlords who are failing to meet the basic requirements involved in becoming a great landlord. There are so many benefits involved with investing your time and energy into learning how to become the best landlord operating in your area, and here are some of the best outcomes:
- Consistent Rental Income – Good landlords should expect to have good tenants that never miss payments if they feel well respected. Void periods are a landlord’s worst nightmare, and being a great landlord helps tenants feel more inclined to stay in the home where they feel comfortable.
- Stress-Free – Landlords who are good at what they are willing to learn are more likely to avoid problems that most uneducated landlords will face. Avoiding stressful situations as a landlord can save lots of time and money trying to fix things.
- Avoids Evictions – Evictions are an extremely costly process that often requires landlord legal advice to assist with removing bad tenants. Good landlords know how to find great tenants which ultimately avoids the risk of eviction.
Steps You Can Take
Keep It Professional
Assuming that you have carried out all of the necessary steps involved with finding good tenants, including carrying out tenant screenings, you should be ready to offer the tenancy to your tenants. Some landlords prefer a more laid-back approach with tenants, however, we would recommend keeping it professional especially when you are yet to experience what type of people they are. If tenants feel as though you will allow certain rules to be broken, you should expect to experience many problems as their tenancy continues. Keep your boundaries clear, and professional, but also show that you are a human being. Respect from both parties is the key to a long-lasting, stress-free tenancy.
Update Your Property
As we have mentioned, the rental market is a competitive playground right now. If the property you are renting is extremely outdated, it is time to invest into your property with some revamping. It would be cost-saving to simply plant the wall yourself and invest in some updated second-hand furniture, but if you do not have the time you should be investing for the work to be outsourced. Either way, if you want your tenants to feel as though the house is a home you should ensure that the house looks and feels brand new when they move in. Paint peeling off the walls and stained carpets as they begin their tenancy is not a good look at all.
Quickly See To Problems
One of the biggest annoyances that tenants face is when their landlord does not see to maintenance problems quickly and efficiently. Maintenance should be factored into your monthly expenses because there will always be big or small maintenance issues that require time and money. Landlords who fix problems as soon as possible earn a great rep from their tenants which can mean a lot when looking for reliable tenants. Even if you are not able to fix a problem such as a washing machine breakage immediately, you should potentially offer your tenants compensation for the inconvenience of waiting for it to be fixed. The right tenants can give you a great reputation and reliability within the community you operate in.
Help Your Tenants Feel Heard
Communication is key for any successful business, especially when it comes to dealing with tenants. Your tenants should feel like they have an easy and effective way to communicate any of their problems or concerns. Avoiding your tenants is one of the easiest ways to earn a bad rep and create tension between you and your tenants. Make sure you are available and responding to messages at a reasonable speed.
Give Tenants Notice
As most landlords should do in their properties, it would be wise for you to carry out regular checks into your properties just to make sure your tenants are not creating any problems. Bad landlords make the mistake of not giving their tenants reasonable notice, and barging into their privacy. A great landlord who has a trusting relationship with their tenants should give their tenants at least two weeks’ notice before the date of the inspection. It would be beneficial to ask what day would be good for them also when they are in the home, as landlords snooping around tenants’ homes when they are not in can make tenants feel uncomfortable.
Make It Their Home
If you are looking for ways to reward your long-term tenants who pay on time and cause no trouble, you should consider asking them if they would like to personalize the home in any way. This might include updating old furniture if it was provided by you and has been worn down, or perhaps if they would like to create a new theme in some of the rooms simply using paint. Let them put their spin on the home, but of course, make sure it is reversible as they will likely leave at some point.
Be Easy On Rent
With inflation and the cost of everything rising it is likely that if you haven’t already, you are starting to consider how much your rents will be raised. Hopefully, you have a few long-term tenants who you can rely on to make payments. If you wish to keep the peace with your most reliable tenants you might consider raising the rents only slightly higher for reliable tenants, in comparison to new tenancies. Good tenants will appreciate this act and will be more likely to stay for longer in comparison to looking for cheaper accommodation.