The responsibility of being a landlord can be stressful. As a landlord you will have to deal with tenants complaints, with tenants who don’t pay their rent, and continually carry out property repairs.
All too often landlords see tenants just as a way of making money. However building a good landlord/tenant relationship does have lots of benefits which may in the future save you time and money.
A good working relationship will make it easy to sort out things when there are problems and your tenants will be more likely to renew their contract at the end of their lease even with a rent increase
Here are five tips you can utilize to be a great landlord.
- Know your tenant – carry out proper background checks on prospective tenants. Ask for references from previous landlords, check employment and financial records. Having the right tenant can reduce problems in the future.
- Treat your tenant with respect – constantly hassling your tenant and turning up at odd times to inspect the property will not help you build a good relationship with your tenant. Trust them, give them privacy and always pre-arrange visits at a mutually acceptable time.
- Communicate – keep in regular touch with your tenants preferably by email so that you both have a record of the communications. Listen to any requests, e.g. putting up shelves or painting a room. Discuss whether they are practical requests and be prepared to compromise. Listen to their complaints e.g. noisy neighbours, and try to address them.
- Carry out repairs -a tenant will have more respect for you if you carry out repairs quickly and efficiently. Also if they ask for a replacement of damaged or worn items don’t dismiss it as unnecessary. You may well have to replace the item anyway when the tenant’s contract ends, but a satisfied tenant may renew their contract, saving you time and money finding a new tenant.
- Know the law – as a landlord it is essential that you know your legal rights and responsibilities and the legal right and obligations of a tenant.