How to Be a Good Landlord: The Top Traits You Must Possess
Not everyone has what it takes to be a good landlord. Check out this guide to learn how to be a good landlord.
If you’re investing in real estate in order to turn them into profitable rental properties, you probably need to know a thing or two about how to be a good landlord.
It won’t do you a lot of good to score the perfect rental properties if you can’t attract, and keep, tenants that want to stick around.
Let’s take a look at some of the traits a good landlord possesses:
Wondering How to Be a Good Landlord? Be Available
Reliable landlords understand the importance of availability. Nothing will frustrate your tenants more than being unable to reach their landlord when they need help. Even with the best tenants renting your property, there will always be issues that arise.
Most of these issues are minor but they shouldn’t go ignored. If a tenant calls you about a broken dishwasher, you should aim to make yourself available to fix it as soon as possible.
Return your tenants texts, emails, or calls within 36 hours, even if you can’t fix the problem right away. By responding promptly, you show that you value your tenants and their comfort.
And keep in mind that what might seem like an insignificant issue to you, like a light being out by the side of the house, might be very important to your tenant. They might rely on that light to make them feel safe coming home late at the end of a long day, for example.
Each time you put off a tenant or are hard to get a hold of, your tenants will start to build resentment. As a result, they might look for somewhere new to live. Be available and responsive and your tenants will appreciate you for it.
Awareness
Small issues that go unattended can lead to much bigger problems. Successful landlords can sense these potential problems early on before they become serious. For example, a clogged toilet might indicate a sewer backup, or condensation on the window panes could lead to dangerous mold.
Good landlords will pay for preventive maintenance so they can avoid long-term problems whenever possible. They also avoid putting a temporary band-aid on a problem that requires a real solution. Though you might be able to postpone dealing with the issue, you’ll eventually have to address it, so it’s better to fix it as soon as you’re able.
Respect
While it’s important to be available when your tenants need your attention, it’s just as important to maintain a respectful distance. Even if you live in the same property, you shouldn’t try to micromanage their behavior or get involved in their personal business.
Resist the urge to look over their shoulder, comment on their incoming packages or music tastes, etc. A professional landlord will keep to themselves and only intervene if a tenant requests it or if the landlord has a legal issue that needs to be addressed.
Good Communication Skills
Tenants don’t like being left in the dark, so as a good landlord, you’ll communicate with your tenants about any issues or changes concerning the property.
Planning on planting some new trees? Mention it to the tenants. Having some old shutters replaced? Make your tenants aware. By keeping them in the loop you’ll maintain their trust and establish a good relationship.
Be Flexible
Tenants expect their landlord to stick to the contract, but this doesn’t mean you can’t be a little flexible under certain circumstances.
Sometimes things don’t go as planned. Your tenant might lose their job or become ill and need your understanding, and a little compassion can go a long way.
If your renter has a good history of taking care of the property and paying their rent on time, you might be willing to cut them some slack on occasion.
Professionalism
If you want your tenants to stick around, earn their respect by maintaining a professional demeanor. A successful landlord should be aware of their language, appearance, and actions in interacting with their tenants.
Keep up appearances around your property by dressing like you take your job seriously. Have any of your staff members do the same.
Be friendly to your tenants, but not a pushover. Be courteous and helpful, but fair in how you treat those who rent from you. Don’t allow some tenants to abuse the system while coming down hard on others.
Transparency
Knowing how to be a good landlord means knowing that others depend on you to be honest with them. You shouldn’t hide problems from your tenants that affect them in one way or another. If you discover a pest infestation, your tenants have a right to know. If you’re going to change up some of your policies, give your tenants a heads up.
A Good Reputation
Remember: as a landlord people are watching you. They might be leaving you a review online or spreading the word to their friends about what it’s like to live at one of your properties. Strive to build a reliable, trustworthy reputation. Without a good reputation, you might struggle to fill vacancies or find good tenants.
Get Help Managing Your Properties
Though knowing how to be a good landlord helps, it can be a lot of work. If you’re in need of property management services, we invite you to contact us and learn more about the services we provide.
We help our clients manage the many details involved in being a landlord. We offer services for any properties from single-family homes to apartment complexes and look forward to doing the same for you!
