DO'S AND DON'TS FOR HOW TO BE A GOOD LANDLORD

Dos:

• Screen your tenants.
• Offer to refund any screening costs if the tenant signs a lease with you.
• Understand the laws.
• Local laws around renting can vary; you need to know yours.
• Customize your lease.
• Offering a customized lease can go a long way with the best tenants.
• Walk them through the lease.
• It’s a good best practice to explain what each section means and why it’s in writing.
• Help tenants get adjusted.
• Tell them where to walk the dog or pick up groceries.
• Write a welcome letter.
• A good welcome letter will express thanks, offer gentle rule reminders, and provide contact details.
• Stock the bathrooms.
• Tenants forget about toilet paper and shower curtains when moving; help them out!
• Offer help with addressing changes.
• Just picking up some extra forms at the post office and having them on hand can be useful.
• Make repairs quickly.
• The people living with leaky faucets will appreciate it!
• Respect privacy.
• This is your tenants’ home, so be mindful of their privacy.
• Be compassionate.
• Life throws us all curveballs, and your tenants will appreciate your understanding.
• Keep electronic copies.
• Everyone will appreciate your organization if you ever need to find them quickly.
• Offer online services.
• Online bill pay and communications can be real perks for your tenants.
• Reward your best tenants.
• We all like to be rewarded, and maybe your best tenants will stick around longer.
• Be a businessperson.
• This means protecting your reputation by behaving professionally, always.

Don'ts:

• Make new friends: It can be hard to maintain boundaries, but this is a business relationship.
• Ignore lease guidelines: If you want your tenants to behave like adults, you also must respect the lease.
• Dress like a slob: Nobody expects designer labels, but you still need to maintain professionalism.
• Neglect the lawn: Curb appeal matters even after the property is rented.
• Vanish into thin air: Maintain contact with your tenants (especially after they’ve just settled in).
• Lose your cool: Tenants will jerk your chain occasionally but don’t blow your top.
• Be wishy-washy: Try to maintain consistency with the basics: when rent is due, how quickly you’ll respond, etc.
• Play hard-to-find: When your tenants need you, they really need you! Make sure they can contact you.
• Respond slowly: If a tenant reaches out to you, get back to them quickly.
• Dismiss concerns: Tenants see more of your property than you can, so take their concerns seriously.
• Be opaque: If you know of a change coming to the area or your property, don’t hide it.
• Forget to budget for maintenance: Maintaining the property is your responsibility, not your tenant’s.
• Ignore your online profile: Tenants, past and current, talk about you online. Do you know what they’re saying?
• Be afraid to ask for help: Nobody can do everything, so get help with repairs or finances if you need it.
• Fail to establish policies: Your tenants won’t know what’s expected of them if you don’t tell them!