How to be a Good Landlord?

Running a property management company is a tough business. In addition to the business, being a landlord in itself comes with a lot of stress and responsibilities because they have to constantly endure and face problems of tenants who have a variety of complaints, tenants who don’t pay their rent, tenants who do pay their rent but are never on time in doing so, and of course the never ending task of property repairs.

As a landlord however, creating a good connection with your tenants and marketing yourself as a great landlord has numerous benefits. When you are a good landlord, this will make more happy tenants and as a result, happier tenants tend to be more compliant, cooperative, and satisfied. In addition, a survey involving the quality of life of tenants reveal that satisfied tenants will most likely: do minor repairs at their own cost, add value to your property,  pay rent on time or even in advance,  as well as take extra caution not to scratch walls and floors. This is something that all landlords want right? Now how do we bring out the best from our tenants? Here are some simple tips on how to become a better, if not the best, landlord:

1. Make your new tenants feel welcome. Send them a letter or postcard after they have moved in telling them how happy you are that they are your new tenants. For those who have already moved-in for quite some time, it not a bad idea to express your gratitude that they choose your property over the others.
2. Educate your tenants when they first move in. This is the most important tip which should actually be more of a pre-requisite! Orient them about the policies, rules, and guidelines, if you have them. Tenants will not be able to follow the rules if they don’t know the rules in the first place. Focus on preventive measures at the beginning of a landlord-tenant relationship and you will avoid a lot of headaches. In addition, setting the stage for a good experience at the very beginning assures tenants that they have made the right decision moving into your property.
3. Know who your tenants are and at least a little bit about them. Once they have been living in your property, follow through by maintaining a more personal connection. You should be able to have a conversation with them about their life, at least.
4. Reward on-time or advanced rent payments. The reward, of course would depend on what the tenant’s interests are. That is why it is important to know your tenants and a little about their lives. Most landlords give chocolates, movie tickets, and even gift checks.
5. Although you would want to know your tenant in a more personal level, it is important to respect your tenants’ privacy. Some say that the tell tale sign of a good landlord is that he is meticulous about the tenant’s right to privacy.
6. Always be available to your tenants. If you miss their call and they leave a message, respond promptly. If you are not around, have someone reliable take your place so that tenants will not feel neglected nor abandoned. Also, stay on top of repairs. Nothing makes a tenant unhappier than when repairs aren’t taken care of in a timely manner.

A landlord-tenant relationship is transactional. This means that it is a give and take type of relationship: you give them what they want and in return, they also provide you with what is expected of them. Although this is true, a landlord-tenant relationship may also be personal and this basically sums up all these tips given to you. Be a friend to your tenants but always remember to respect their privacy too.