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Biggest Secrets of Successful Landlords

Whether you like it or not, as a landlord, you have no choice but to get along with your tenants and keep them satisfied while they’re under your care. To help you with that, we have gathered some tips on how you can become an amazing landlord that your tenants will surely love.

1. Knowledge Is Power

Successful Property manager

Many would say that being a landlord is probably the most stressful job you’ll ever have. The truth is, it all depends on how you deal and manage the situation you’re in. In order to make everything less stressful, you have to be well-educated. Read books, attend seminars, and learn from other landlords. By doing so, you’ll be able to improve your landlord abilities.

Whenever you have questions, don’t be afraid to ask. There are a lot of landlord forums and websites where you can post your rental-related questions and thousands of experts would be more than willing to help you out and provide guidance.

2. Be Professional: No Family and Friends

Having a rental property means some of your friends and/or family is bound to ask if your place is available for rent. It’s something you can’t avoid– unless you keep your business a secret. Your answer should always be a big “NO.”

Renting to family or friends could lead to disastrous results. If there are issues during the lease, you’ll find yourself in a situation where you have to choose between letting the problem pass, or ruining a friendship or making a family member uncomfortable. Obviously, you’d probably choose the former, as you don’t want to ruin a friendship, or have family issues. This can easily be avoided if you just say no from the start. Mixing business and personal has the ability to create unnecessary headaches.

3. Be the Accommodating Landlord

Welcome your tenants

Chances are, your tenant is fairly new in town. Lend a helping hand and give them an insider’s look of the city— this would help them adjust quicker. If possible, you should also give them a printout that gives directions to pharmacies, local groceries, and other important facilities. This would serve as their map. Don’t worry, you can easily download a service map online and just have it printed.

4. Be Accessible

As a responsible landlord, you should be available right when your tenant needs you. That means you should be willing to offer multiple phone numbers, as well as your email address. Basically, make them feel that they can easily reach you when they have to; especially during emergencies.

5. Walk Them Through the Lease

Prior to your tenant moving in to your property, it’s deal if you can give them a good impression and establish yourself as a high-quality landlord. That means when it’s time to sign the lease, you should walk them through it as they review each clause. Make sure to answer any questions they have regarding the terms of the lease. A detailed walk through of the lease agreement can save you from difficulties later down the road.

6. Remove the Bad Apples

The biggest mistake a landlord can make is letting the wrong person rent their property. Troubled tenants lead to a lot of problems, such as late rent, damaged homes, and stressful evictions.

Unfortunately, most landlords are guilty of treating their business as a hobby, and so, they think it’s not necessary to follow simple due diligence on those who want to live in their properties. Be professional and think about this; how would a bank react if you walked in, completely unqualified, with no source of income, and asked for a loan. A bank would turn you down, no questions asked. You should do the same.

7. Make Those Necessary Repairs

Regular Inspections Are Important

When a tenant calls with maintenance issues, you shouldn’t be ignoring their call, or allowing them to make the property repairs themselves. Instead, set a schedule and inspect the damage.

In cases where the repair doesn’t fall into an emergency category, it would be best if you’d set up a time that would work for you and your tenant. By doing this, you’ll gain your tenant’s respect. Try to put yourself in the tenant’s shoes. How would you feel if your landlord never fixed the leaking pipe in your kitchen sink?

Final Words

By being an amazing landlord, you’ll increase the chances of attracting high quality tenants. Your rental property is your business, and the tenants are your valued customers. You have to provide them exceptional service, and you’ll have the assurance that they’ll stay longer and most especially, take care of your property.

By doing so, not only will you be able to generate profit efficiently, you’ll also be able to eliminate the stress often involved with being a landlord.

If you prefer not to deal with the day-to-day intricacies of being a landlord, consider hiring a property management company to take care of your rental property.

If you own a rental property in Tampa or the surrounding areas we would love to help you out with any questions you may have. Please give us a call at (813) 908-8300 or email us at karen@advantagerealtytampa.com.

 

Posted by: stephenfox on May 20, 2017
Posted in: Uncategorized