Owning a rental property is one of the smartest financial decisions you’ll ever make, both for yourself and generations to come. From a healthy, passive stream of income, financial security, investment diversification, you’ve got many perks to enjoy. And as an astute investor, you already have rental properties under your name, ready to reap big.
But do you know learning landlord tips is key to maximizing your rental income profits? Yes, owning a property is similar to owning a business; you’ve got so much on your plate. You need to comply with state and local building and health codes, maintain structural components, and more.
And don’t forget you have obligations and responsibilities to your clients too; the tenants. Apart from looking for tenants, you’ll need to ensure they pay rent on time, evict when necessary, and ensure their comfort in the property. Improper management cause tenant dissatisfaction leading to high tenant turnover rates and losses.
Apart from owning a property, you’ll want to know the key tips for optimal returns. Are you seeking landlord advice to better your venture? Well, read more to learn 7 tips for becoming a better landlord.
1. Always Make Repairs in a Timely Fashion
Nothing is more infuriating to tenants than delayed repairs or maintenance. When a tenant calls with maintenance or a complaint issue, it means they aren’t comfortable in their space. It’s prudent to organize an inspection as fast as possible to solve the problem promptly.
If a tenant is in need of repairs, maintain clear information and let them know the time you or the contractor will be arriving. Even when the issue is not urgent, keep the tenant updated on the exact time the issue will be addressed.
To be prepared at all times for anything that may arise, have a network of professionals to contact for emergencies. This includes plumbers, electricians, and general contractors. This ensures any problem is handled efficiently and fast, alleviating any inconvenience to the tenant.
2. Respect the Right to Privacy of Tenants
As a landlord, keep in mind that while it’s your property, it’s your tenant’s home. Thus, you’ll need to respect their privacy, and if you need to stop by for any reason, give prior notice. Out of the blue visits are unwelcome and, in some cases, against the law.
In most states, a landlord is required to give a twenty-four-hour notice to tenants before visiting. When visiting for inspections or other reasons, make sure it’s within normal business hours. This implies you should avoid late-night or early morning visits unless the tenant is aware and in agreement.
Also, when planning for maintenance or repairs, schedule the contractor to stop by when it’s most convenient for the tenant. This means you’ll need to ask them for the best date and time before scheduling the work.
3. Maintain Open Lines of Communication
To any kind of relationship, open and clear communication is key to its survival. And it’s no different in a landlord-tenant relationship. It’s imperative that you have clear and open lines of communication to ensure a smooth relationship with the tenants.
Of course, you don’t have to be available for every call at anytime and day, but you’ll need to be available in case of emergency. It’s also important that you reply to your tenants’ emails or calls in a timely manner.
It’s a good idea to have a distinct phone number and email for the tenants to avoid mix-ups with your other personal businesses. Also, this ensures tenants’ concerns and requests are acted upon fast.
4. Remain Professional
At all times, you’ll need to remain calm when handling issues. If tenants reach out with an upsetting problem, don’t become frustrated or irritated with them. Similar to any other business, slip-ups and hiccups will arise, but you need to deal with them professionally.
Also, remember there’re laws preventing landlords from threatening tenants. And of course, you don’t want to find yourself being sued due to a trivial issue, do you? To maintain a healthy relationship and avoid legal situations, remain calm and professional.
5. Knows the Laws and Act by Them
To become a better landlord, it’s vital to familiarize yourself with Fair Housing Laws. These laws require you don’t discriminate people against color, race, nationality, or disability. Also, make sure your property is disabled-friendly with all necessary amenities and facilities.
Also, clearly understand state and local laws. The laws and regulations will cover everything about the landlord-tenant relationship. These include eviction, rent, landlord obligations, and security deposits.
However, if you find it tedious to understand all the laws or you’re busy with other businesses, work with quality property management.
6. Keep the Relationship Professional
As a landlord, always maintain a professional relationship with the tenants. While you can be friendly, set boundaries just in case you need to evict or face them in court. Don’t compromise your rental business with an unprofessional relationship with tenants.
Also, make sure you’re consistent with your treatment of the tenants. This means you avoid double standards where one tenant is allowed to do certain things that others are not.
7. Offer Online Services
Nowadays, conducting business online has made life easier and much more convenient. And as a landlord, you don’t have to visit the tenant to collect rent or receive repair requests. It will be easier and convenient to do this online.
In fact, you can keep every detail online, such as lease agreements, and allow tenants to make rental payments online. Also, using online landlord platforms, tenants can submit any repair or maintenance request.
Here Are Landlord Tips to Better Manage Your Rental Business
Owning rental properties is a lifetime investment with consistent monthly returns. However, poor management can dwindle your returns and stagnate the rental business. If you need help managing rentals, find a reputable property management company.
Above are landlord tips to help you reap big from your investment.
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