One of the things you can do to ensure that your rental property is always churning profits is to become the best landlord you can be.
It’s one thing to get tenants to sign a contract and it’s a completely different thing to have them stay. If you become the landlord from hell and your tenants decide to move out when their contract ends, you might find yourself the topic of multiple negative conversations that could limit the tenants who will consider renting your property.
Being a good landlord doesn’t have to be that hard. Take these trusty tips with you and put them into action so you can keep those tenants happy and those rental payments on time.
- Treat Your Property Like You Live in It – One of the biggest mistakes landlords make is treating their rental property like it’s not theirs. The general notion is that a rental investment is just a structure owners use to make a profit, but that’s not the case. Your rental property is an investment, and that means you should put the same effort into maintaining it as you do your home. Make sure you avail of regular maintenance checks to see if everything’s in working order and apply the appropriate repairs where necessary. Your tenants are humans after all, and they deserve a liveable space to dwell in. See to it that you give them that.
- Check Up on Your Tenants – Many times, tenants will not come to you with a complaint unless it’s absolutely necessary. It’s because of this common behaviour that countless tenants find themselves unhappy with their living situation. As a landlord, it’s your responsibility to answer their concerns, especially those regarding your property (or neighbouring tenants, if you have any.) Check up on your tenants every now and again and ask them if there’s anything that’s of particular concern. If and when they do mention something, keep a note of it and resolve the issue.
- Charge Only What’s Right – All of us are trying to earn and make a living – and so are your tenants. Don’t become the greedy landlord who only thinks of himself. Don’t overcharge your tenants, be transparent with bill computations, and accept only what is due. In the end, this will all work in your favour. The last thing you want is a disgruntled former tenant chasing you around with a law suit for overcharging.
