Opening your property up for rent may sound like a great idea when you’re talking about having passive income. But, it takes more to manage a property and to be a good landlord. Landlords may not be nice or as approachable.
That’s because landlords have to deal with constant tenant complaints, tenants who pay late or (worse) do not pay at all, and property repairs.
It’s a lot to take care of, but there are ways on how one can become a better landlord. Below we describe 5 ways to become a better landlord:
The first thing that you need to look at is your lease agreement. It has to be:
Most landlords do not bother with customizing leases, but it’s actually a helpful tool to lessen the friction between the tenant and landlord in the long run. A well written lease will let the tenant know:
Because you’ve clearly drawn the line, tenants will know where to step, figuratively speaking.
This is a good tip that’s recommended by seasoned landlords. It’s also considered as one of the biggest mistakes a landlord can make. There is no perfect tenant, but there are ones who are obviously bad apples. This can lead to property damage, late rent payments and, not to mention, stressful evictions.
Typically, you would want someone who:
The most important point for you to remember is to avoid being discriminatory. For an informative and comprehensive guide on screening tenants check out this guide from Bigger Pockets.
Being nice to tenants is more than ok, but being too nice might not be a good idea. Remember that your main purpose is to be fair and to handle your business properly. You also have to do this while maintaining an open line of communication between you and the tenants. Doing this makes tenants feel more at ease.
Of course, you do not want after-hours complaints to pour in so here are short tips on how you can avoid this:
When a tenant needs something repaired, set a schedule for you to check the damage. If, according to your lease, you need to take care of it, set another appointment for you to do so. It’s unwise to leave repair requests hanging. Balancing your time and setting expectations is the key to do this smoothly.
If you cannot handle it yourself, don’t be shy to seek outside help. There are landlords out there who are happy to share their knowledge through blogs and forums. There are also freelancers out there who have the expertise to help you with your plumbing, construction, and loan needs. Reach out to them so your load is lighter.
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