How to Be a Good Landlord Without Breaking the Bank
In the world of property management, to be the best doesn’t always require breaking the bank. But many landlords are simply unaware that not every problem requires a financial solution.
It is every tenant’s dream to live under a good landlord. And every landlord benefits by not having noisy tenants. The more the tenants are happy, the less work the landlord will have on their hands.
Thus, we decided to come up with a list of tips that will teach you how to be a good landlord. All of these tips will require little to no money, making it one of the best cost-effective guides out there.
So, without wasting too much of your time, let’s start.
Make it Crystal Clear
Whenever a new tenant decides to use your property, a smart thing to do is to lay out the rules right from the get-go.
You can do this with a lease. A lease is a document that lays out the costs, rules, and legal rights of your tenants. But this document can include other things that don’t fall in these categories.
For example, you can include weight limits on pets, rules that relate to tenant behavior, and much more. Make sure to make the document as detail-heavy as possible. By doing this you are making sure that the tenant agrees to your rules whenever putting their signature.
It might not sound as much, but it is a great first step in the relationship with your tenants.
Understand the Law
You would very much hate for your tenants to dislike you. Having a positive relationship will only bring you good. But the easiest way for your tenants to dislike you is to simply break the rules.
Namely, each state in the US has specific acts that clearly cover key issues such as rent, deposits, evictions, tenant’s rights, etc. These are a specific set of laws that you absolutely have to familiarize yourself with if you want to be a good landlord.
And the best part about it, it costs nothing to do so. All you need is to make a few copies of these rules and handle them for every new tenant. You will have to do your part and study these rules to make sure you won’t break them.
Breaking these rules is the easiest way for your tenants to dislike you.
Make the Repairs
Like it or not you will have to spend some money on repairs. Unless the property is in perfect shape, then you will need to make repairs to appease your tenants.
Being a good landlord means giving your tenants the best possible living conditions. If certain apartments have a leaking problem, then make sure to fix it to avoid further disputes and arguments.
You might well break the bank on this one but we cannot emphasize the importance of making those repairs.
Always Keep Your Dog Open
Well not in a literal sense but make it clear that your tenants can always come to you with any problem they might have. If the problem is related to the property, then they will come for sure.
But the easiest way to be a good landlord is to simply keep an open door to anyone that might have an issue. You might want to also make it clear not to be disturbed at improper hours, but the last thing you want is to completely separate yourself from your tenants.
Whenever a new tenant settles in, make sure to give them your number and specify that they can always reach you about any problem. Whenever giving contact information, it’s smart to offer your email as this will drastically reduce the number of calls you receive.
Respect their Privacy
Another costly “mistake” that you want to avoid making is to infringe on your tenant’s privacy. The United States has privacy laws in place that everyone should respect. While you have all the right to inspect a property or apartment anytime you choose, make sure to be sensible about it.
Tenants hate it if you show up before 7 AM or after 9 PM, as well as during business hours just to do a simple inspection. These hours are private and you shouldn’t forget that. Respecting their privacy is yet another easy way to show your tenants that you’re awesome.
Listen to their Concerns
Everyone loves a listener. And you are exactly the sort of person that your tenants will have plenty to talk about. Being a good landlord sometimes means being a good listener.
Everyone complains about something, whether it’s the heating, the refrigerator door, or any other issue. But if you don’t want to break the bank every time a tenant comes around making a complaint, then a good strategy is to listen to the problem.
Maybe you have just the right solution for it; a solution that doesn’t require breaking the bank.
There might be stuff that is completely out of your reach, but it beats sitting around all day and doing nothing.
Compassion can get you to lots of places, well sort of. This one is all about showing your tenants that they don’t have to worry that much every time their rent is late.
This is actually a pretty common issue within the United States. A lot of people struggle to pay their rent on time. Not only that, but there could be any number of scenarios where compassion can be a great ally.
Maybe one of your tenants needs a friend to crash for a few nights. Regardless of the issue, showing compassion in tough times will show that you are an awesome landlord.
Chances are, you will spend a lot of money on getting your property ready for people to settle in. But using the before-mentioned tips will serve you well in the eyes of your tenants. Everyone wants a good landlord and these tips will definitely help you be that.