If you’re new in the world of being a landlord, you may feel a bit overwhelmed. While it’s a great way to make passive income, there are certain responsibilities to worry about as you strive to be a good landlord. Practicing integrity and being a good landlord is important, as you want a reputation as being someone tenants can trust. Here are a few ways that you can become a great landlord:
1. Put Together A Fair Lease
As a landlord, you’ll need to protect your assets and that will include treating your home renting as a business. Additionally, you’ll want to have insurance in place should damage happen, and also have any tenant sign a lease. These steps can go far in keeping you safe from losing thousands of dollars and protecting you as a landlord.
However, in creating the lease, you want to think about the needs of your tenant and create a fair lease. This looks like giving a few grace days for paying rent and offering your support in repairs that are just a part of wear and tear in a home. While you’re at it, make sure you create a way for them to sign documents for free, as they’ll already need to pay plenty with rent and deposits.
2. Practice Good Communication With Tenants
Your tenants are essentially your customers, and how you treat your customers matters. You’d want to provide customers with great support, so you should be just as reliable when it comes to communicating with your tenants.
When your tenants know that they can reach you when needed, it will be easier to maintain a great line of communication and help them feel comfortable when they need your support or want to communicate about any issues.
3. Be Fair With Repairs
Repairs can be a tricky line to walk as a landlord, but it really comes down to being fair. While you don’t want to lose money because you’re going above and beyond with repairs for damage caused by tenants, you also want to be helpful when possible.
For example, in a freak winter storm like the one that happened in Texas, many tenants found themselves with water damage in roofs. In some cases, these situations posed risk for them. While this is an uncomfortable situation for everyone, it wouldn’t be fair for them to pay for that damage. However, if they took a hammer to the wall a little too hard and caused a huge dent, it’s fair to say that those repairs would be on them. In most cases, your home insurance and their renter insurance can help you with unique scenarios.
4. Practice Professionalism
There may be some frustrating experiences during your time as a landlord. Some things may come up that make you a bit irritated with your tenants. In other cases, tenants may try to be chummy with you. At all times, practice professionalism.
In the moments where you feel upset inside or when you’re trying to avoid uncomfortable situations with a tenant, it’s a good practice to treat your tenants as professionally as possible. Another option is to hire a property manager.
5. Streamline Communication And Payments With Software
When you make it easier for your tenants to pay and communicate with you, you will find that payments will typically be on time and your tenants will be happier. Using software designed for easy payment processing and apps that allow for easy communication can help you and your tenants have a great experience.
In Conclusion
Making money from real estate is a great way to improve your income and build wealth. You can hire a property manager if you have too much on your plate, but if not, consider these tips above that can help you have a peaceful, streamlined experience as a landlord.
