How to Become a Good Landlord
You hear a lot of horror stories involving bad landlords. If you don’t want to be known as the landlord from hell, here are a few tips on how to instead be known as the best one ever:
Always Respect Your Tenants
You don’t have to be chummy with your tenants, but you need to treat them with respect at all times, says the Huffington Post. Be fair in your dealings, no matter what your personal feelings about them might be.
Carry Out Maintenance and Repairs Regularly
You have a responsibility to provide your tenants with a safe home. If there are any repairs that need to be done, do them as fast as you can. Elevator problems? Plumbing leaks? Roof repair? Resolve these as soon as possible. It’s not just about being a good landlord. If you let those problems go on for too long, you might end up exposing yourself to a lawsuit if a tenant slips down the broken stairs. If you don’t want to spend millions on a case, spring for regular maintenance, inspection, and repairs.
Be Ready to Talk to Tenants Anytime
Make your tenants feel like they can come to you anytime regarding any issues with the property. Give them your phone number and email. The latter method works great, as it keeps you from getting too many afterhours phone calls.
Listen to Your Tenants
If they’re having problems with another neighbor, and that neighbor isn’t one of your tenants, you won’t be able to force that tenant to stop. But by listening to your tenant, you can make him/her feel better and even find a way to ease the ill will and squabbles between them.
Being a landlord can be a full-time job, especially if you have a lot of properties. Hiring a property management company can help you manage the load that much easier, allowing you to look after your tenants’ needs better.