How to Be a Great Landlord

No one should take the decision to become a landlord lightly. As most current (or former) landlords will tell you, it’s not an easy job! However difficult it is, though, it can also be very rewarding. Renting out your property gives you the chance to develop management skills, gain real estate experience, and make some extra money.



Chances are, if you’ve just decided to become a landlord, you are a little concerned about what that is going to entail. You want this to be a profitable venture – not a constant headache. The good news is that there are some steps that you can take that will make you feel like an old pro! These tips can help you be a landlord that manages his property – and his tenants – in a way that makes everyone happy.



Communicate with your tenants



Communication is key to any relationship, and the same is true for the relationship between a landlord and a tenant! It is absolutely crucial that you communicate with your tenant(s), right from the start of your relationship. Be open and honest about your property and your expectations for them as your tenant. Chances are, if what you say turns them away, you wouldn’t want them as a renter anyway!



Make sure this communication is both written and verbal. Written communication will make things more "official," making it much less likely that your agreements will be disputed. Tenants are also entitled to written notice about policy changes within your complex or neighborhood. Staying in touch with them will help them feel involved in the property, which will, in turn, help them take care of it to your liking.



Know the laws



Knowing the laws about renting and owning a rental property will help you to stay within all legal limits your state has set. Educate yourself about your rights and your tenant’s rights. Also learn about things like landlord’s insurance, housing codes, and payment requirements. A qualified attorney can help you learn all there is to know, and would be there to represent you should any mishaps occur. Another great option might be a property management company, which can help you make sure your buildings are up to code and that all your actions as a landlord are within legal boundaries.



Maintain the property



Keeping the property neat and well cared for will keep you and your tenants happy. Terms of maintenance should be outlined in your lease; be specific about which jobs you will handle and which jobs are the responsibility of your tenant. Consider the things that are most important to you; those are the things you’ll probably want to handle yourself. For instance, landlords often schedule major maintenance visits, such as cooling/heating systems and plumbing. Having regular maintenance scheduled for these systems will make it far less likely that you will have major problems in the future. You might also consider taking care of things like pest control or pool maintenance. These things will ensure that your property remains a comfortable place for your tenants to rent.



Go the extra mile



Many tenants place a high value on convenience and comfort. Installing alarm systems, providing furniture, and responding to "emergency" problems quickly will help your tenants feel confident in their relationship with you. By offering these services upfront, you may even be able to charge a little extra for your property. Consider what you can afford and what is fair; do your best to create a competitive renting environment!



Use a rental property management company



Rental property management companies can help you with virtually all aspects of your rental property – from finding the right tenants to collecting rent to handling repairs. They can take a lot of the hassle out of being a landlord, providing experienced service that will make your job as a landlord much easier! Consider using a property management company to help you keep things at your property under experienced, watchful eyes.





Being a landlord can certainly be rewarding; but it has its downsides, too. Handle the pitfalls by taking proactive measures to develop and maintain positive relationships with your tenants. Even a little effort can go a long way toward making you a great landlord!