How to Be a Good Landlord

Obtaining rent from property is a great way to generate extra income. Becoming a landlord has many benefits but brings responsibilities with it. Rental-property owners need to ensure that their tenants are happy. Whether you are renting a new residential construction in Lyndhurst, OH, or a 1970s oceanfront property in Miami, Florida, when a property is not well-kept by the owner, renters will not make much effort to help with the maintenance, either. Therefore, owners need to be proactive in resolving issues. Everything starts by pricing a property fairly. Fair prices help develop rapport with tenants, and this can assist with gaining respect for the home.

Obtaining timely rent is a main objective of landlords. One idea to reach such a goal is to provide tenants with incentives for paying rent early or on time. Offers such as movie tickets, coupons, or other gestures can encourage such actions. Landlords should also invest the time to get to know their renters. This exercise costs nothing and can create a great working relationship. Good landlords take an interest in their tenants and create an atmosphere of trust and cooperation. Also, make sure to screen tenants so that you learn invaluable information about them. Landlords can use free tenant screening services available online. This added effort ensures that you have done your due diligence.

Another step toward becoming a good landlord involves availability. Property owners should be available to tenants when they ask for help or report any issues with the home. Also, renters should have experts such as plumbers, electricians, and others ready to solve problems. Respond quickly. Renters can lose trust when their messages are not answered, or calls are not returned. It is also important to solve tenant issues in a fair and amicable manner. If a house or apartment is too hot, improve the situation by offering to install a ceiling fan. If the tenant cannot pay for the item, offer convenient payment methods to lighten the burden of the needed investment. With such actions and positive attitude, tenants will live comfortably and happily.

As a renter, you will have the ability of designing a lease to fit your needs and ideas. However, some people abuse such liberty and develop absurd clauses that alienate future tenants. Be fair in the rental agreement and use clear language. Also, always respect a tenant’s privacy and right to confidentiality. Once a lease agreement is signed, forget that the house or apartment is available to you. The landlord will not have access to the property without providing sufficient notice to the tenant and without the authorization of the tenant. The landlord must always communicate the need to access the property and respect privacy at all times.

Good landlords also sign and review the lease agreements line by line and explain each clause to the interested party. This provides clarity and transparency in all matters relating to the property and also makes clear the rights and responsibilities of everyone involved in the contract. Once the agreement is signed, ensure that you treat the tenant respectfully and courteously. Always remember: Signing a new lease with a current customer is easier and cheaper than finding a new tenant.