Ten Valuable Tips That Will Make You A Better Landlord
Your tenants deserve the best landlord irrespective of where your property is located, whether it’s Burbank or North Hollywood. You can never stop learning if you want to become a better landlord. Moreover, by learning and improving your knowledge every day, you can make more profit from your rental property.
If you want to attract the best tenants, you need to learn to become a better landlord. This is because tenants are also searching for a great landlord just as you are searching for a great tenant. You owe it to your current and future tenants to keep on improving your knowledge as a landlord.
If you are looking forward to becoming a better landlord, this article will give you ten tips that will make you a better landlord to your current and future tenants.
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Be Prompt With Maintenance and Repairs
If you want to avoid problems with your tenants, make sure you do maintenance and repairs promptly. Don’t wait for your tenants to cause problems before you do maintenance. You need to have a relationship with vendors that can always come on time to take care of any repair or maintenance work that needs to be done.
- Educate Your Tenant
It is your responsibility as a landlord to educate your tenant on how to use your facility. Tell them about the city and the area. More importantly, put everything they need to know in writing and make sure they have a copy. Let them know who to call when a specific problem arises.
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Set Aside Money For Maintenance and Repairs
Don’t invest everything you make to other businesses, make sure you set aside some money for emergency repairs and maintenance works. Every responsible landlord knows that he needs to set aside some money as running cost.
- Have a Strict Screening Process
Don’t rush tenant screening process. If you want to attract the best tenants and avoid a problem with the tenants in the future, make sure you have a strict screening process and avoid skipping employment, reference or credit checks.
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Run It Like a Business
Actually, this is a business and you must treat it like one. To be a better landlord, you need to maintain a business-like mindset and keep yourself organized by using a landlord checklist.
- Establish a Great Tenant Relationship
You need to have a great landlord-tenant relationship. When meeting a tenant for the first time, make sure you prepare yourself very well and lay out your expectations for a great long-term relationship. Above all, make sure you keep your relationship with your tenants strictly professional.
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Make Security a Priority
You need to make the security of your tenant a priority. Install security doors, cameras, and alarms. Add window locks and provide excellent night lighting. Additionally, educate your tenants on the steps they need to take to protect themselves.
- Learn State Housing Laws
To avoid having legal problems, you need to learn and be conversant with state housing laws. Don’t stop there; make sure you have an attorney knowledgeable in your state housing laws to always guide you.
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Use Customized Forms
Even if you are not making use of a professional property management company, it is still recommended that you make use of customized forms instead of using generic forms. You will look more professional when you use customized forms for your lease agreements and correspondence.
- Appreciate Your Tenants
Don’t forget to appreciate your tenants. If you have exceptional tenants who keep to your tenancy agreement and pay their bills on time, you need to find a way to appreciate such tenants. You can give them gift cards or gift baskets during celebrations like Christmas and Thanksgiving
