Friday, Feb 22, 2019
5 Characteristics of Successful Landlords
Are you contemplating the idea of renting out a unit or home? Before you jump into the world of rentals, it’s important to first spend a little time determining if you really have what it takes to deal with all of the tasks and responsibilities that come along with being a landlord. It can be a great experience when you find a good tenant and can enjoy the benefits of having additional income. But, it’s important to note that it’s not a job that’s suitable for everyone.
Staying On Top of Maintenance
As a landlord, one of your primary concerns will be the condition of your rental unit. Failing on this front can make it very difficult for you to find long-term tenants or at least good tenants who will respect your property. Your rental unit should always be well kept, clean, safe, and up-to-date. Any issues regarding maintenance must be taken seriously and repaired swiftly when requested by a tenant.
No tenant wants their landlord to place them in any uncomfortable situations, or talk down to them while passing judgement. Remember, when someone rents a unit from you, it essentially becomes their home for as long the contract dictates. Being courteous and respectful towards them is crucial.
Cultivating relationships with tenants can work in some scenarios, but it’s important to recognize when your tenant enjoys their peace and privacy. That’s why being professional at all times is essential. Be kind and polite, but also learn when to keep an appropriate distance to avoid intruding on their space.
There’s nothing quite as aggravating for a tenant as being left uninformed about certain situations, like when the landlord departs for vacation, and there’s no emergency contact in case something goes wrong. Keeping tenants in the loop and having good communication skills is another fundamental part of being a good landlord, especially when it comes to important dates or scheduling maintenance projects inside their unit.
Be open and honest with your tenant. Whether it’s about payment, an infestation of some sort, or a problem with the heating system, always be transparent and explain what’s happening behind closed doors. Tenants will respect honesty and open communication, especially when it highlights your efforts in remediating the situation quickly and properly.
Being a landlord isn’t as easy as it may sound — that’s why many people turn to property management companies instead so they can take care of the work for them. At Sleepwell Property Management, we recognize the necessity of creating a good rapport with tenants in order to maintain a positive reputation for you while keeping renters happy. For more information about the services we offer, get in touch with our team today!