Landlording should be simple– Approve tenants, enforce your regulations and local laws, and keep the properties functioning and livable. Well, this is just the start of how to be a good landlord.
Your success as a landlord relies on much more than the primary responsibilities. In this blog, discover how to be a good landlord by communicating well, keeping up with the law, respecting privacy, staying organized, and addressing conflict professionally.
Below are the top five practices for a successful landlord. Continue reading to improve your profession and continue to grow your business.
1 | Communication is Key
Without excellent communication skills, you’ll struggle to be a successful landlord. One of the key traits tenants are looking for in a landlord is someone who communicates well. It forms a solid and reliable relationship with the renter and helps all processes, conflicts, and changes run smoother than if you never built the foundation of good communication.
To be the best landlord possible, begin effective and accessible communication from the start. When future tenets apply for the property, give frequent updates as their application is being processed and answer any questions they may have promptly.
Once the tenants have been approved and prepared to move in, continue to respond to questions promptly and give them any additional information they need for a smooth-running move-in day.
As the tenants stay at the property, update them with changes or upcoming due dates as soon as you can. Continue to respond to inquiries within 24 hours if possible, and always communicate before scheduling maintenance or adjusting rent.
2 | Know Your Stuff
Learning how to be a good landlord has much to do with your relationship with tenants. However, knowing the legal side of your business and keeping up with the frequent changes in rental laws is just as critical.
Falling behind on the current laws of renting and landlords can result in significant legal issues. For instance, if you evict a tenant for reasons you believe are permitted, but the laws have changed recently, you could find yourself in a tricky situation with a very unhappy tenant, costing you money, time, and reputation.
Because of frequent law adjustments, keeping track of the legality of landlords can be challenging. However, it is a necessary part of the job, and you cannot succeed without consistently following the rental laws. So, no matter how complicated it gets, remember to always stay in the loop with changing laws. There are several resources that help landlords keep up with and understand new and old landlord and tenant laws– Never hesitate to reach out for help regarding this crucial element of your profession.
3 | Respect the Privacy of Your Tenants
Respecting the privacy of your tenants plays a significant role in how to be a good landlord. For the most part, laws address tenants' privacy, like giving a 24-hour notice before entering the property for maintenance, inspections, or other reasons.
Giving your tenants the privacy everyone deserves will establish trust and respect, making for a better rental experience for the tenant and a better landlord experience for you.
4 | Stay Organized
A key part of how to be a good landlord is being organized. If you have more than one property, organization skills are even more essential to running a successful business. The homes or units you rent out are places where your tenants live, meaning there will always be repairs to keep track of, payments to track, and more. When these elements are unorganized and neglected, future conflicts or mistakes can be made, resulting in a drop in your reputation and a strained relationship with your tenants. It may also cause you to lose money or run into legal issues.
There are many ways to stay organized as a landlord. Online calendars, filing systems, and spreadsheets are just a few examples of the easy-to-use resources every landlord should be familiar with. Furthermore, it’s important to document and save any communication with the tenant, from a complaint about a neighbor or a question answered to major and minor repairs or replacements.
5 | Address Problems and Conflict Effectively
To be the best landlord you can be, your approach to conflict, complaints, and other issues must be professional and consistent. This is another way to build respect and trust between your tenants and you. No matter how outstanding your current tenants are, the chances of problems arising are always possible.
For instance, well-behaved tenants may face financial hardship and suddenly fail to pay their rent on time. In this case, remember to respect the consistency of the tenant up to this point and be forgiving. You must also continue to stick to your policies and laws, so thoroughly and kindly explain the consequences of late rent payments.
Similarly, if a renter complains about a faulty appliance, degrading plumbing, or other common issue with rental properties, remember to remain calm and professionally address the issue. It helps to be understanding of the tenant's concerns, further establishing trust, comfort, and respect between the two parties.
CITED: Avail.com, Goodlifemgmt.com, Forbes.com