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How to be a Good Landlord

There are plenty of horror stories circulating out there about landlords that didn’t care about their tenants or who ultimately lost money because of their reputation.  It is important to look at some of the key elements to helping tenants feel secure and comfortable so they keep renting.

First—Renters should feel a sense of ownership and stewardship.  If you make it feel like it is their home then they will be more apt to treat it more like it is their home. 

That being said there are many out there that prefer to live in a dump so be careful who you have renting from you.

Second— Create an open communication from the beginning.  Let them know what you expect, as far as taking care of the house is concerned. 

This will help cross the communication barrier that really hurts relationships with many renters and landlords.

Third—Be consistent with how you treat all of your tenants.  They hear what’s going on and if you are giving their neighbor a break and not them then there will be some issues later on.

Fourth—Check in often and make sure your tenants don’t feel like they are being hounded.  This is really important because nobody likes to be micromanaged.

Fifth—Incentivize your tenants.  This is a very simple but effective way to influence and persuade people to do things that they otherwise wouldn’t do.

By negotiating and working with tenants’ concerns you are constantly building relationships.

Sixth—Take tenant concerns seriously.  Remember how it was when you had a landlord and things weren’t working. 

Getting things fixed in a timely manner makes you seem like a competent landlord.

Seventh—Get feedback from tenants on how you can improve your property or management style.  This will bring in fresh improvement ideas.

Overall being a good landlord can be as simple as watching out for your tenants and making them feel safe and secure.

Photo credit: http://www.clarkhoward.com


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