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

DO'S AND DON'TS FOR HOW TO BE A GOOD LANDLORD
 
Whether you're renting out a single property or you have a rental empire, being a good landlord will get you a higher caliber of tenant. Here's how to make sure that you're the best landlord on the block.
 

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!

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