It pays to be a great landlord and to have a good reputation for the work you do. People will want to work with and rent from you when they know you’re skilled at your job and are pleasant to work with.
There are simple tips that are going to help you be a better and more responsible landlord. It’ll take an extra effort on your part, but the rewards will be well worth your hard work in the end. Your job will become more manageable, and you’ll find more reliable tenants when you put forth additional time and energy to make sure you’re paying attention to some of the most important details.
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Vet Your Tenants
You can be a better and more responsible landlord by making sure you vet your tenants before you offer them a lease. Perform a background check and call up their references to confirm they’ve always paid their rent on time and are dependable people. Remember that you have the right to turn them down if it’s not a good fit or you feel uncomfortable signing a lease with them. Once you do select the right tenants for the property, offer to get them adjusted to the area and write them a welcome letter to ensure the relationship gets off to a good start.
Know Your Property’s Value & Worth
Another way you can be a better and more responsible landlord is to know and understand your property’s worth and value. It’s a good idea to sit down and review this post by Vanguard Realty Advisors if you own a commercial property and want to learn more about the importance of the appraisal process. There are many benefits of following through with an appraisal including:
- Company account purposes
- Secured loans
- End of lease repairs
- Capital gains tax
Keep in mind that you’ll want to hire a company who knows what they’re doing and can offer you high-quality work at a reasonable price.
Understand the Laws & Real Estate Business
As a landlord, there are rules and laws you should know about and follow. It can be costly and tarnish your reputation if you’re always trying to cut corners or are continuously making mistakes and breaking the law. It’s also a wise idea to educate yourself about the real estate business in general and how it works. Always refer back to the written and signed lease whenever you have questions or issues arise, instead of trying to take matters into your own hands. Most importantly, take into account that they’re your tenants and not your friends so be sure to set boundaries early on.
Make Repairs Quickly
Be a better and more responsible landlord by making repairs in a timely manner. Your tenants shouldn’t have to wait days or weeks for you to address important matters that require your immediate attention. Remember that being a landlord can take up a lot of your time and money so not being available or having the funds to make repairs isn’t a good excuse and will make you look bad. If you’re out of town, then it’s in your best interest to have someone in place who can be contacted should there be an emergency situation that you have to attend to.
Check in Regularly
You should also get into the habit of checking in regularly to your properties as a landlord. This way, you can avoid any surprises, and the tenants know that you’re always watching and keeping an eye on them. You’ll be protecting yourself by taking preventative action, and your tenants will be made well aware that you won’t stand for any reckless or careless behavior.
Look & Act Professional
Although your job may seem casual at times, remember that you’re still in business and have clients to converse with regularly. Try your best to look and act as professional as possible if you want to be taken seriously by others. People will judge you by the way you dress and your appearance so always have clean clothes on and remember to groom yourself properly. Furthermore, if you own a commercial property, then you’ll be walking into places of business and will want to look presentable.
Practice Emotional Intelligence
It’s also important that you do your best to keep your cool in all situations even when they get heated. Practice emotional intelligence at all times by thinking before you act. While it can be stressful not to get your money on time or have a disagreement with your tenants, remember that you want to try your best to maintain a good working relationship with them. The last circumstance you want is to have to face them in court and pay for legal fees. Avoid these types of situations by attempting to problem solve and keep your cool instead of flying off the handle and becoming emotional and getting worked up.
If there’s one action you take as a landlord it should be that you’re always responsive. You can be a better and more responsible landlord by picking up your phone when your tenants call and being accessible around the clock. Offer up multiple phone numbers if you have them and an email address, so you’re easy to get a hold of no matter the time of day. Think about the fact that you’ll want to be notified right away anyways if there’s potential for damages to be occurring in your building, so encourage tenants to always call you immediately with problems.
Being a better and more responsible landlord isn’t necessarily difficult, but if you want to be successful, it will take dedication and commitment on your end. Use these tips as guidelines to help make sure you’re doing your job to the best of your ability and are taking care of the most important details first and foremost. Your role will be much more satisfying and easier to handle when you’re paying attention to these aspects and taking the time to select reliable and trustworthy tenants.