Being a good landlord is essential to retaining tenants. It makes life that much easier for everyone involved. But being a landlord isn’t easy — it takes hard work, dedication, and impeccable organization skills.
Going into the business isn’t just leasing out a property and relaxing, and there are many things that have to be done. Here are some ways to go above and beyond while succeeding in the property management business.
Don’t just think about short-term money
When you first invest in a rental property, it’s easy to get caught up in making your money back. This might cause you to sign under-qualified tenants or neglect costly but necessary repairs. But being a landlord is a long-term game, not a short-term game.
You want to look into a free tenant screening to help you make sure your tenants will pay rent and be respectable. It is essential to know their rental history before allowing them to sign a lease with you. Money will come as you get more tenants who pay rent and treat the property well.
You will have to put some time and effort into attracting good tenants who will make the place a better rental property. Take your time getting the property to look how you want it before letting people lease it. This is just so you can make changes with little disruption while nobody is living there yet.
Run your property like a business
Running your landlord duties like a business is the most effective way to stay organized and on top of changes. Keep a pamphlet outlining all the things you need to accomplish to make sure your property meets the correct state and local guidelines.
Keeping a checklist with the amount of maintenance the apartment needs will keep your business running like a well-oiled machine. Make sure to know standards for important things like rental deposits. Knowing the laws and norms within the industry will keep you out of trouble and on schedule.
Make sure you upkeep your property
People won’t want to live at your property if it doesn’t have curbside appeal, nice interiors, and a fair price. If you want to charge a bit more, then be sure to have a property that matches that price.
Make it a goal to update one thing on the property a month. This will please your current tenants and eventually lead to a functional, ideal property. For example, in May you can work on a double hung window replacement in all the units. Then, in June you can plant flowers at the front of the property. Invest your time and a bit of money into the small things, because it will pay off.
Upkeep also means fresh paint, deep cleaning, and appliance repairs every time a tenant moves out. Take advantage of the vacant apartment to get it up-to-date and in condition for the next renter.
Keep open communication with tenants
Communication is key in business, and it is key with your tenants too. Having open communication means they won’t be afraid to come to you with questions or concerns about the property.
Being on good terms with your tenants will benefit both parties. If you are on good terms with your tenants, they are more likely to treat the property with respect and pay on time. This makes your job a lot easier.
Becoming a landlord is a great long-term investment that can pay off if you follow the right guidelines. Take your time to do it right, so you can have a stress-free rental property.
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