How to be a Good Landlord
Buying a property for renting out and becoming a landlord brings with it a lot of stress and responsibilities, which when combined together, can turn a well meaning person into a jaded landlord. Most landlords see their tenants as money machines and are least interested in creating a good connection with them, which can lead to a high tenant turnover. However, building a healthy landlord-tenant relationship and making a reputation for yourself as a good landlord has numerous benefits, from fixing repairs during the lease to showing property to prospective new tenants at the end of the term. If you are a great landlord, then your current tenants may renew their lease, most probably with an increase in rent, saving you from the hassle and aggravation of finding new tenants.
Here are a few tips that you can utilize to be a great landlord.
Go the extra mile
If you want your tenants to be very good and cooperative with you, you will have to go the extra mile for them first.
Set a fair rent
Remember your tenant is also a citizen of the same country and has a limited income, so set a fair rent. Charge above market only when your property’s worth is also above market value. However, if you overcharge your tenants you risk building resentment.
Reward on-time or advance rent payments
Every landlord loves to get the rent on the first of every month, or even before the first. If you have a tenant who is punctual in making rent payments, and sometimes makes advance payments as well, then he/she really deserves a token of appreciation from you, like a movie ticket, chocolates, DVD rental vouchers or anything else that your tenant would like.
Know your tenants
Renting your property does not just mean signing a lease with the tenant and then seeing him once in a month to collect rent. You should know a little about your tenants, like what sports they love to watch and play, which school their kids attend etc.
Be available to your tenants
Make sure you are available to your tenants whenever they need you. If you miss their call and find a message waiting, respond promptly. As a tenant, there is nothing more annoying than a landlord who never responds to calls.
Appoint a competent manager when not dealing with the tenancy yourself
If you are not dealing directly with your tenants then appoint an excellent property manager who can look after them on your behalf.