There are many ways to invest your money and build wealth, but one of the best has always been (and will likely always be) buying rental property. That said, buying rental housing isn’t the type of investment you can make and forget about.
Managing your own properties takes a great deal of work, especially if you want to be the best landlord you can be. If you’re up for the challenge but not quite sure how to be a good landlord, you’ve come to the right place.
Read on to learn how to be the type of landlord all tenants want, improving your experience and increasing your income at the same time.
Make a Custom Lease
A quick online search will reveal hundreds of standard lease forms to choose from. However, as a good landlord, you shouldn’t go with any of them. Instead, work with a lawyer to construct a custom lease for your homes.
The reason for doing this is to ensure that your expectations are made clear to your tenants and to protect you from any unforeseen incidents.
Include the basics such as rent, security deposit, and tenant rights, as well as pet addendums, late payment fees, maintenance responsibility, and behavioral expectations. The clearer your lease, the less likely a conflict will develop between you and your tenants.
A successful landlord knows that expectation is a two-way street. You can’t expect things from your tenants and offer nothing in return.
When your tenants have questions or concerns, be attentive. Respond quickly and with compassion. Should a repair arise, inspect and repair the damage promptly. Nothing ruins the landlord-tenant relationship like unaddressed issues.
If you feel that you don’t have time to give your rental properties the attention they deserve, there’s nothing wrong with hiring professionals. Property managers, such as those at Property Managers Philadelphia, will handle your tenants’ concerns for you, leaving you free to focus on other things.
When you run a rental property, you likely have other things on your plate as well. And while you might not have time to answer your tenants’ calls at all hours of the day and night, it’s important not to cut off communication with them either.
Part of learning how to be a landlord is honing your communication skills. Give each new tenant your business phone number and email and encourage them to contact you, should they need to.
Respect Your Tenants
As a rental property landlord, your tenants simply rent the homes, you’re the true owner. However, when tenants sign a lease, your home becomes theirs for the duration, and everyone deserves respect in their own homes.
Never show up without notice, and when you do visit, always do so at respectable hours. A good tenant understands that you have to see the home now and then to ensure that everything’s in good condition, but you should never invade their privacy to do it.
Learn How to Be a Good Landlord to Get More Out of Your Properties
Providing others with homes is a huge responsibility and one that should never be taken lightly. By learning how to be a good landlord, you’ll not only improve your business and reputation but attract better tenants in the process.
The quality of your tenants can make or break your experience as a landlord. The better your tenants, the more enjoyable you’ll find your job to be. In short, being a stellar landlord benefits all parties!
If you’re in need of more advice for improving your business, take a look at our blog! We have articles on everything from employee benefits to increasing your income.