Let's agree that being a good landlord contributes to the number of happy tenants you'll keep. You probably have walked a long way to earn your first coin from your rental investment. Of course, you'll be happy to have 100% property occupancy. But how do you do that?
This blog explains ten tips to help you be a good landlord, which will make your tenants stay longer. And if they have to move, they'll refer their friends to your premises, because you are a good landlord.
How Do We Explain Good Landlords?
Always have spare cash for emergencies.
One thing that will make you collide with your tenants is failing to repair their houses. Indeed, the sink can block, the roof may need some fixing, and also cabinets may need some repairs.
Once the tenant requests you to repair them, and you don't have money, you may lose them. Anyone can be financially broke, especially when the cost of living is high. But that doesn't mean a tenant should stay in a house with a blocked sink or toilet.
Therefore, always save something from your cash flow and use it when things go wrong. This criterion will help you maintain long-lasting relationships with your tenants since you are available for their needs.
Act swiftly to tenant problems and complaints.
You have to be a present landlord if you need long-term tenants in your apartments.
Suppose your tenants fight over a clothes-hanging line. If the fight persists, someone may get hurt, and that's a bad sign for your real estate investment. So, what should you do as a good landlord? The best solution will be to add more clothes-hanging lines to solve such disputes in the future.
In addition, always be available to solve anything that needs your attention. That will ensure you live harmoniously with your tenants. Therefore, they will love to stay and refer their friend to your apartments.
Always be professional.
Keep a professional relationship with your tenants ~ always. Don't ever let personal issues dictate how you run your rental business.
For instance, don't come to your tenants borrowing money for an 'emergency at home. One, they'll disrespect you, and two, they'll start delaying rent payments because you borrow them and there is no interest.
Don't let personal desires cheat you into being intimate with any tenants. That will be the beginning of your downfall, and you won't know when it will happen.
The main goal of maintaining a professional relationship is to respect your tenant, and they'll reciprocate the respect.
Keep clear records.
Treat your real estate investment like any other business. Keep all tenant rent payment records and provide them with a receipt acknowledging their payment.
These records will help sort out issues resulting from misunderstandings between you and tenants regarding the payment of rent. As a result, you won't have to lose your tenant due to a small misunderstanding.
In addition, keep records of electricity payments, insurance, mortgages, and all other expenses. These records will help you when dealing with KRA returns. No one will come to frustrate your tenants by disconnecting electricity. Any system can go down, so ensure you keep both manual and electronic records to help you in case of system failures.
In one way, that will protect the tenants from unnecessary disturbances from KRA, banks, and other government officers.
Hire a house manager.
A house manager will be your close eye on the premises. They will tell you what's happening in the houses and what needs maintenance.
A good apartment manager or caretaker (as we commonly call them) will keep the compound clean. The manager will supervise any maintenance to ensure everything is done perfectly.
Caretakers can also help solve small disputes among the tenants when you are not around.
Everyone will call you a good landlord when everything is running smoothly in your rental apartments.
Always improve your house standards.
No one likes to stay on outdated premises. Therefore you should strive to keep your houses up to date. Research industry trends to ensure your apartments satisfy your tenant's needs.
Instead of letting your tenants share electricity bills, install a token on each house. That will be an excellent way to allow your tenants to use electricity, knowing they will pay justly.
In addition, instead of putting the floor, consider adding tiles. Remember, the better your houses are, the more you will increase rent, increasing your overall cash flow.
Get good clients.
Always strive to have good tenants. Remember, there are still bad tenants who will push you to the limits. They will make sure to paint your name badly. A bad client can make you take drastic measures that may push other tenants away.
Therefore, search for new and good tenants who respect you and your property. Always research about any tenant you are taking in. You can ask them why they are moving from their previous area. If possible, ask them for contacts of their former landlord or caretaker.
That will help you know the kind of person you are dealing with. After all, you don't want to stay with a rent defaulter or a tenant who destroyed their former landlord's property.
Set clear rules.
Let every tenant know their boundaries when in your rentals. Print and laminate your apartment rules and give them to every tenant.
Whenever you get a new tenant, give them a copy of the rules of your house. In addition, include the consequences of breaking the rules.
Setting clear rules helps eliminate jockers from joining your premises. As a result, you'll get good tenants you can treat well without colliding.
Write customized welcome notes to your new tenants.
Show your new tenants how you appreciate them joining your houses. You can drop them welcome notes. They'll feel good, and they may even refer their friends.
If you have a moving vehicle, offer them cheaper costs of moving to your apartments. You can also give them some toiletries to use while settling before they buy theirs.
Respect tenants' privacy.
No one likes a nagging landlord who is always on the back of their tenants. Be a good landlord by staying out of the personal life of your tenants.
As long as your tenants pay rent, don't misuse your house, and donât break the rules, let them be. Do not invade their privacy unless it proves dangerous to the parties involved. For instance, if couples are ever fighting and throwing insults at each other, you can get involved before your apartments become a crime scene.
To Sum Up
A good landlord can maintain long-lasting relationships with their tenants. As a result, they will have a high occupancy rate and get good returns on investments from their rental business.
Frequently Asked Questions
What does it take to be an awesome landlord?
The secret of being a good landlord is ensuring your tenants are comfortable with everything in the apartments.
What do I check for when renting out apartments?
To get a good tenant, you should scrutinise their past to ensure you are not dealing with a bad tenant. Ask them about their jobs, recent apartments theyâve stayed in, and why they are moving out.
What do I need to know before becoming a landlord?
Before thinking of becoming a landlord, ensure you are good at listening. Do you know the saying, âthe customer is always right?â Well, it also applies to your rental business. You should listen to the complaints of your tenants and resolve what they request.