In the coming year, average rents are forecast to grow by 3.6%. While this sounds excellent for landlords, it can mean tenants want more value from their lease. So how can you retain the best customers and be a great landlord all at once?
If you are new to the business or an experienced professional, we can help. Read on as we discuss how to be a good landlord.
1. Help the Tenant Adjust
If your tenant is new to the area, then you can help them settle in. Provide recommendations on places to eat or visit. You may even leave them a map or directions to amenities like supermarkets and pharmacies.
2. Do Thorough Pre Screening
One of the most essential landlord tips is to do a thorough pre-screening. Being a great landlord is much easier if you have good tenants, and pre-screening is one way to eliminate the bad ones. You should do this before you even show them the property.
Think about what you really want from a tenant. You may ask them for references or some questions about their living arrangements. If they can not provide a reference for a previous property, it could be a warning flag.
3. Stock up for Them
Moving in is extremely stressful. You can help reduce this for your tenants by stocking up for them so they don’t have to.
Don’t spend the earth, but leave them some essentials for when they first arrive. Place some washing and hygiene goods in the bathroom, leave milk and bread in the kitchen, and anything else to welcome them in. If you are versed in property management and do short-term holiday rentals, you may even have these goods on hand.
4. Consider a Property Manager
Many first-time landlords underestimate the time running a property takes. As well as collecting rents, you have to organize maintenance repairs and find tenants when you have a vacancy. If you already have a full-time job, this can take a lot of time and effort.
With property management, someone will take care of this for you full time. Tenants won’t have to wait for you to finish work or have a day off to respond to requests. All it takes is a small fee from the rent, and you get peace of mind.
5. Set the Right Rent
To get the right rent, you need to consider the type of property and location. Check similar rents in the surrounding area for a property of the same size. View here now to get a more in-depth look at how to charge the correct rent.
How to Be a Good Landlord
Now you know how to be a good landlord, start to introduce these changes. They may not all be possible at once, but by bringing them in with your next set of tenants, you will build a reputation. This can help you retain occupancy.
If you found this article helpful, we have many more. From property to finance, we can get the most from our money in the coming year.