The one wish that every landlord prays for is to have a good tenant. A tenant who pays rent on time, who treats the property as his own and follows all the rules.
The truth is a good landlord attracts a good tenant. A landlord who is easily accessible to tenants, responds to their complaints promptly and who is friendly (yet firm) with tenants has a higher chance that the tenants will renew their lease and that too, with an increase in the rent.
Here are a few simple tips for being a good landlord:
Welcoming your tenants
Give your tenants a warm welcome; it will create a positive landlord-tenant relationship. Brief them about nearby stores and necessary utility services.
Prepare a lease agreement including all necessary clauses like rent, special rules regarding pets, property or vehicles, maintenance charges and late payment fees. It is the responsibility of a good landlord to explain the lease to the tenants and walk them through it. Be open to negotiations and answering all the questions.
Provide your phone numbers and email address to the tenants for communication. Respond to their queries. In case of any complaint or request for a repair, fix the same as soon as possible. Whenever there is a plan to be away for some time, communicate the same to all the tenants in advance.
Respect tenants’ privacy
Although it’s your property, you cannot show up at your tenants’ home any time you want. You have to respect your tenants’ privacy. If you have to do a regular introspection, inform them in advance through a verbal phone call, a text message, an email or in some cases through a legal notice.
Give your tenants an option to pay the rent online. It would be more convenient for them. Also keep electronic copies of everything like deposit receipts, rent receipts, rental agreement and all the documents related to tenancy. E-documents are more secure and easy to handle. They are also helpful against legal issues.
For some lessors, rental income is the major source of income. The rent must not be not too high as well as not too low. You can conduct a market analysis to find out the fair price of your property. Evaluate the condition of your property and compare it with others in the area to find the range in which your property falls.
It is advisable to conduct a background and reference check before renting your property to someone. You can ask the applicants to submit a rental application. It will give you information about your prospective tenant: name, contact address, employer’s information, landlords’ references, property managers’ details and the reason to move.