Being a landlord comes with a lot of responsibility. You have to collect rent, maintain the property, and keep your tenants happy. This can be difficult and stressful at times, but with careful planning and execution of these suggestions you should be able to handle any situation.
Write a Good Lease
You can find a temple for a generic lease anywhere on the web, but I suggest you write your own lease if at all possible. Personalize it; make it more suitable to your particular situation and needs. You can use a template to get started: remove the clauses that do not pertain to you and add some verbiage about what concerns you most however be understanding and remember lifestyles may vary from tenant to tenant. Keep the location of your property and the type of tenant you expect to have in mind. College students and elderly people live very differently and your lease should be reflective of these certain subgroups, for example, you could include warnings about loud parties or information about the neighborhood watch program.
Establish a Good Relationship
Don’t make your life harder by alienating and creating animosity between you and your tenants. Get to know them personally and tell them a little bit about yourself. Educate them on their responsibilities concerning the property and set guidelines and rules before the move- in date. Go over the lease with them carefully and answer any questions they may pose. You want to maintain a good relationship while conveying a “no nonsense” attitude. Most landlords give their tenants a grace period of one week when rent is due. We suggest following this guideline, and taking an active role in collection if this date is missed.
Do the Repairs
You might have some tenants who complain about the condition of a property. If something breaks and it is their fault do not hesitate to make them pay for it. Certain things, holes in the wall, are usually the fault of the tenant, however, other things, such as a broken doorknob or a dripping faucet, are usually general repairs needed to be made by the landlord. Stop by the property and check out any complaint that sounds urgent and major. Fix the projects and issues you can do easily during your initial trip; your tenants will respect your fast service and commitment. If a repair is going to be complicated and expensive, be honest and explain to them a reasonable timeframe to expect the issue to be fully completed.