Did you just invest in a property? Are you playing both roles as investor, landlord and property manager? While real estate rentals offer a great opportunity to make a profit, there is also a lot of work involved. Before entering into the industry, it’s important to understand the key responsibilities of the best landlords.
Consider these factors and apply them to your own practice for an improved tenant experience which will, in turn, offer a lot more peace of mind for you.
Screen Potential Occupants
You don’t want just any person living in your properties. Make your life easier by thoroughly screening potential occupants before they become your permanent problem. As Melissa Page says, “Thorough screening will usually prevent future problems that might arise – such as a tenant who trashes your place, one who doesn’t pay rent, or one who lets undesirable individuals move in.”
Finalize Your Fine Print
With even the best tenants, confusion still arises. As Melissa Page writes, “Lease contracts set the rules that both landlords and tenants agree to follow in their relationship.” Given that leases become the basis of the relationship, you want to ensure that nothing goes unnoted. Even if it seems obvious or outlandish, it doesn’t hurt to cover it. It only takes one eccentric occupant to help you realize the importance of covering all your bases in writing.
Take Care of Your Tenants
While this may seem obvious to most, in the midst of maintenance and repair projects, it can be easy to forget that your tenants are your business’s customers. While it may not always be readily apparent, as a landlord, you need to accommodate your tenants. Sure, if they want a swimming pool that’s probably not going to land, but take the time to truly consider their requests. If it’s reasonable, resolve it accordingly. Happy tenants turn into long-term tenants.
Prepare to Always Be Available
In the case that a problem arises, be prepared to resolve it in a timely manner. If you need to call someone in, don’t delay. While there are other jobs, other problems and other properties to worry about, make sure your clients feel like they are a priority. After all, you would want the same service. As Laurence Jankelow says, “Tenants should always be provided with multiple means by which to contact you, just in case. Besides, if the toilet was overflowing in your unit, you’d probably want to know about the issue before any major damage was done.” By being timely and efficient – it helps both you and your occupants.