If you are a landlord, you are a business owner, and that’s important to remember. You are in the business of renting out space to people, and you charge them a fair price for it so that you can turn a profit. If keeping your investment properties full of reliable renters is a top priority of yours, read on to learn some tips on how to be a great landlord. It will make all the difference.
Make Repairs When Needed
When things break for your renters, they have to wait until you can fix them. If you want your tenants to be happy (happy tenants pay their rent on time), fix things as soon as they break. The sooner you fix things, the happier everyone will be, and you’ll avoid a lot of heated conversations and phone calls.
Have the number of a trustworthy handyman on hand so that when something breaks, you can call someone who will fix it right the first time. If you and a good handyman have a good business relationship, your tenants will stay, and you won’t lose money by having an empty property.
Make the Property Comfortable
A satisfied tenant will gladly pay a fair rent every month if the living conditions are comfortable. It is in your best interest to upgrade your property so that it has modern appliances, adequate heating and cooling, and security. A few examples of this would be air conditioning, a dishwasher, and the ability to get online and watch TV.
Security doors are great for ensuring the safety of residents without making them feel trapped inside. By installing a screen door in front of the main entrance, tenants can enjoy the benefits of an open front door without compromising security. This is just one idea, but there are many others, including security lighting and changing the locks every time a new tenant moves in. Do what you can to make your tenant feel at home, and they’ll stay for the long term.
Rent to the Right People
You decide who rents your apartments, so make a good choice. Don’t be afraid to do background checks and financial checks on potential renters and have them go through an interview process. The better the person you rent to, the easier it will be for you. This includes making it easier to conduct a check-in, check-out, and inventory using rental inventory solutions. Every aspect of renting becomes so much simpler when the tenants are on board and happy to help.
Good tenants will take care of your property, talk to you clearly, and pay their rent on time. When a tenant does what they’re supposed to, it makes it easier for you to do your job. When everyone does what they’re supposed to, it makes for a good living situation for the tenants and a good business situation for you.
Be Around
The best landlord is always there and knows all of their tenants’ names and faces. The more tenants get to know you, the more they will trust you and give you more space and time if you are falling behind on some things. Getting to know your renters on a personal level can go a long way toward making sure everyone is happy and treats each other with respect.
