Benefits Being A Good Landlord
Everyone starts out with good intentions. Landlord is an authority position. There are ways to be a good landlord without being a slum lord.
Every tenant has a relationship with their landlord or property manager. Each month they communicate by paying rent. Or, inform of maintenance items.
Treating tenants with respect can be a positive return-on-investment. Tenants that respect their landlords are more likely to leave the property in better conditions. Provide their move-out notice much earlier than required.
Perhaps the most impactful is helping you minimize vacancy! After all, vacancy is a drain for losing profits. Satisfied tenants often refer friends and family to replace them. Or, they allow an open house prior to moving out. Both will help minimize vacancy and increase profit.
Here are multiple ways to become a good landlord.
Start Off Right
There is only one first impression, right? Make it great!
This is a chance to start building a relationship of respect and trust. Be the first to take action by providing a welcome gift.
Welcome gifts can include gift cards, kid toys or even their first meal. Everyone loves pizza! Especially after a hard day of moving boxes and furniture. Pizzas are cheap and everyone helping them will be appreciative!
Gasp! Free rent?! Lose money?!
If there is a vacancy gap between tenants, offer a few days of free rent. Try selecting the 1st or 15th to start rent.
Free rent is also a great negotiating tool. As the landlord, this is an offering of goodwill for good applicants.
Won’t it cost me money? Not necessarily. If you do not pro-rate rent, there will not be a financial loss for many years. If pro-rated, consider this a business investment to get the best tenants.
Provide Cleaning Supplies
There is a ton of chaos when moving. What to keep or trash? What stuff goes into each box?
Provide your tenants with a few common cleaning supplies. They will appreciate the gesture.
You benefit knowing tenants have cleaning supplies and only need to provide the labor. Sadly, some tenants cannot afford cleaning supplies. Their lack of cleaning can have long-term effects on your property after they move out.
Make Those Repairs
Tenants want to live in a nice home. And nobody enjoys moving.
The dream for every landlord is a great tenant who stays for many years. Take care of the repairs and be proactive on maintenance. Tenants that complain about everything, figure out a happy medium for reasonable items.
Try using Burbz maintenance ticketing system. A free system to coordinate and track all repairs.
There are always reasons tenants want to move. Don’t make lack of repairs one of them.
Life happens. We have all been there.
Listen to your tenants and give them a fair chance. However, always follow the lease and proper notice process.
Good tenants provide notice their rent will be late. Or might ask for an extension if a major event recently occurred. If you allow an extension, have a hard date. Continue to follow the formal late and eviction notification process. Explain to the tenant if they pay by the agreed date that no further action will be taken. This protects you while providing assistance to the tenant.
New mothers sadly earn less during their maternity leave. Work out a payment plan to accommodate their decreased income. This is a temporary life issue that many new families face. The new parents will be extremely grateful.
There is a fine line from being compassionate and being taken advantage of. Use your instincts for best judgements.
Occasionally check in with tenants. Ask if everything with the property is alright. This will avoid damages getting worse.
Do not leave your tenants hanging. Everyone hates that.
Be prompt on repairs so they can get back to enjoying your rental property.
Understand Tenant’s Concerns and Needs
Tenants are people too. They might have special needs or concerns.
Take the time to listen. A good landlord will offer solutions. Even for non-real estate items.
This reinforces to the tenants that you care. In return, they will care for your property.
Detailed Move-Out List
Communication is key when tenants are moving out. Provide tenants with a detailed move-out list.
Good tenants will take your list seriously. Good tenants commonly clean the entire house thoroughly. Saving you cleaning fees.
A good detailed list will prevent a last-minute confrontation. Allowing the relationship to end on a positive note.
Don’t Nickel and Dime Security Deposit
Be reasonable with security deposit. Understand the difference between damaged and wear-and-tear.
Wear-and-tear items are inevitable, no matter whom the tenants were. This includes cracks in caulking or worn carpet.
While expenses should be covered, acknowledge you spent at least one full year profiting from them. Do not make a big fuss over a single $25-50 item.
If the property is still in good condition and another tenant can move in immediately, gracefully thank them and move on.
Provide a Good Testimonial
Let your tenants know you are happy to provide a good testimonial. This is often motivation to leave the rental property in good condition.
This provides a value to the tenants. If it is left online, this can have a positive effect for many years.
Your Online Presence
If your tenants had a good experience then ask for a testimonial. Sites like Yelp or ReviewMyLandlord allow tenants to review when searching for rentals. Afterall, no tenant wants a bad landlord. Just like no landlord wants a bad tenant.
Having social proof can validate your market rents for future tenants. If your profile is highly rated, encourage applicants to review for themselves.
Offer Online Services
Every is moving online these days. That applies to managing rental properties.
Online rent collection is a great way to make your tenants life easier. Allowing them to split rents. Set up auto-payments. Or, even build their credit scores.
Being a Good Landlord
Real estate is more than landlord and buildings. It involves people!
Being a good landlord requires a lot of little actions on your end but can result in a positive. By being the first to take action, your efforts may reduce vacancy. Vacancy is the biggest expense and threat to landlords.