As a landlord, managing the various aspects of renting out your property can be a challenge, especially if you're just starting out.
Here are some tips that can help you manage your rental efficiently and successfully and stay on good terms with your tenants.
Treat your rental like a business
Managing a rental property may not be your first job. But that doesn't mean you shouldn't treat it like a business. You need to make sure you maintain a professional attitude toward your tenants and throughout the rental process.
Know the rules and regulations and abide by them
To maintain a good reputation and avoid legal problems, you should study all national and local regulations that apply to you as a landlord. Even if you've hired someone to manage your rental business, it's wise to know the industry inside and out to stay on top of it.
Take out landlord insurance
Purchasing landlord insurance can protect you from having to pay for potential accidents or liability claims. It's an investment that's sure to pay off.
Prevent problems
Try to avoid problems as much as possible. To do this, you need to make sure your property is in good condition and safe to live in. Before the tenant moves in, you should check that all utilities are working and everything is up to code.
For example, you should test smoke detectors, check external and internal pipes for combustion, and make sure all vents are free of debris, moisture, etc.
Have a plan to fix problems right away
As a landlord, how prepared are you to help a tenant who's locked out, when the electricity isn't working, or when the kitchen sink is clogged? Good landlords always have a plan to fix problems right away.
That's why you should have a locksmith, plumber, and contractor on call to fix such problems as quickly as possible and provide a pleasant experience for your tenants. This will also give you more peace of mind.
Be honest with your potential tenants
Honesty will get you the best tenants. For example, if there's a hazard like mold or lead on the property or a broken staircase that your tenants should know about, let them know about it as soon as you find out about it.
Also, fix the problem immediately. You don't want to jeopardize their health and safety and be held liable for such problems.
Search for tenants online
Nowadays, most tenants look for rental properties online. So the best way to find tenants is to be where they are. Consider listing your property on professional online platforms that can help you connect with a large network of quality tenants.
Optimize your listing
When was the last time you updated the description of your property? One way to attract good tenants is to have an appealing rental listing that includes all the necessary information, highlights the special features of your property, and clearly explains your requirements.
Upload enough high-quality photos of different parts of your property so that tenants can get a better idea of the space. Another way to stand out from the pack is to mention nearby attractions and additional information that will help them make the most of their stay.
Hire a property manager
If you don't want to spend time and energy marketing and managing your rental business, you should hire a property manager. This is especially helpful if you have multiple rental properties. It's a worthwhile investment, so consider it carefully.
You should also make sure you choose the right property manager. Talk to several people, ask for local references, and check their background.
Use property management apps
If you can't afford to hire a property manager, you can take advantage of property management apps that help you run your rental business more easily and efficiently.
Some rental platforms have partnered with property management solution providers to offer landlords a one-stop solution for renting and managing their properties.
Before you list your property on an online rental platform, make sure to ask if the property management solution is integrated with their services.
Set the right rent price
To set a reasonable rent price, you should study the market to find out what the fair price is in your area.
Other factors you should consider when setting the rent price are fixed and estimated expenses. Fixed expenses include property taxes, mortgage payments, and insurance fees. Variable expenses include repairs, utilities, and improvements to the building.
Set up a tenant screening process
To find good tenants who'll take good care of your property and pay rent on time, you should set up an effective tenant screening process that gives you the information you need about them while respecting their privacy. The key is to ask the right questions.
Put everything in writing
Make sure you put all the important information about your relationship with the tenant in a written agreement. A good lease is specific and clear.
In addition to basic information such as the rent price, rent payment, and the tenant's and landlord's responsibilities, you should specify, for example, how you'll handle repair requests, when you'll be available during the day, and how much notice you will give to enter the property. Clarify anything that's not clear enough to the tenant and answer their questions patiently.
Many online rental platforms offer landlords legally vetted contract templates that you can use to make sure no question goes unanswered and the agreement isn't open to multiple interpretations.
Enforce the rules you set
Tenants won't respect and follow the rules you set if you don't respect and follow them yourself. However, be careful not to overdo it.
The most successful landlords are those who strike a healthy balance between strictness and flexibility. You must have a friendly yet professional relationship with your tenant.
If your tenant asks for an extended period of time to pay the rent, be understanding and accept their request if it's possible for you to do so. However, if such problems occur frequently, you should consider giving them notice.
Fulfill your duties Just as you want your tenants to follow your rules, they also expect you to fulfill your responsibilities.
Make it easy for tenants to pay rent
The easier you make it for your tenants to pay the rent, the more likely they are to pay on time. Offer them several online options for making payments. Online payments aren't only convenient, but also more secure.
The same goes for other aspects of the tenancy. Try to simplify contract signing and similar processes with the help of digital tools to establish yourself as a tech-savvy landlord and make life easier for yourself and your tenants.
Keep a record of everything
As a landlord, you should keep records of all transactions and communications between you and the tenant. If you don't have proof, you can't support your potential claims.
Digital record keeping is preferable because it's faster, more convenient, more organized, and more secure.
Recognize the value of good tenants
Don't take good tenants for granted. Sometimes it pays to offer additional services to quality tenants with whom you're satisfied.
Learn to settle disputes
Not all issues with your tenants warrant eviction. If you have a conflict with a tenant over deposits, rent payments, repairs, noise, or your access to the rental unit, try to resolve the disagreement informally.
Meet with them and hear their side of the story before filing a lawsuit. Learn to be calm and patient during such conflicts. It can save you energy, time, and a lot of hassle.
Write them a welcome letter
It's a nice gesture to write your tenant a welcome letter. They'll likely remember it for a long time. Also, consider sending them special instructions and information, such as when the trash will be picked up, contact information for utility services, and your contact information.
Stock the bathrooms
When tenants move in, there's usually a lot going on. So they may forget to bring toilet paper, for example. To welcome them and make it easier for them to settle in, consider providing a hand soap and a roll of toilet paper in the bathrooms. Your tenants will appreciate such gestures.
Be accessible
The last thing a tenant wants is for their landlord to not be easily accessible, especially in case of an emergency. To earn a reputation as a responsible landlord, you should provide your tenants with several ways to contact you in case of an emergency.
Respond quickly
If a tenant calls or emails you, respond as quickly as possible. This shows that you're responsible and care about their needs. If you're going on vacation or will be unavailable for a while for any reason, inform them in advance and let them know who to contact in case of an emergency.
Respond to reviews
If you come across positive or negative reviews that tenants have posted online about their stay at your property, you need to respond to them, and do so in a respectful manner.
If you don't have online reviews, it may be a good idea to ask your former tenants to leave a review or share a testimonial. And of course, you can't expect positive reviews if you don't do enough to provide a good experience for your tenants.
By following these simple tips, you'll be the best landlord your tenants have ever had and increase the success of your rental business.
Flatio helps landlords take care of almost every aspect of their rental business. Contact us if you need help finding good tenants and increasing your rental income.
