If you are renting or have rented in the past, you’ll probably know how frustrating some landlords can be. If you don’t want to become one of them, here are some tips for you.
Being a landlord is not all about collecting rent from your tenants and calling it a day, as some people might perceive. To be a good landlord, you have to learn the responsibilities and obligations of the job, and take them to heart.
Renting out your property is a great way to pay off the mortgage with minimal expenses on your part. And this is especially true for people who have more than one or two properties, as many mortgage companiesin Arizona advise. However, subdividing your property for lease isn’t the only thing you have to do to become a good landlord. Here are some other things that you need to know:
1. Make Sure the Place is in Good Shape
If you want to attract better tenants, you have to ensure that your property is in good shape. Before posting advertisements, make the necessary repairs and renovations to keep the place tip-top. Don’t skimp on these repairs, because you will still end up paying for them in the future. And a little beautification wouldn’t hurt (and probably increase the property’s value), so consider primping the place up a bit.
2. Know the Local Laws
As a landlord, you must know all the local laws and guidelines regarding leasing, such as rules about rent, tenant’s rights, security deposits, and other pertinent things. Look at the Department of Housing website to find out about these laws or get a copy from the local office in your area.
3. Guide Tenants Through the Lease
While guiding a tenant through your property, walk them through the lease as well. Explain the terms of the contract and emphasize everything that you deem essential, such as landlord and tenant’s rights and obligations. In this way, confusion about the lease will be avoided, and your tenant will be more trusting towards you.
4. Be Responsive
Have an open communication line for your tenants so they can contact you when they need to. You don’t have to respond to non-urgent queries right away, but for emergencies, you should always be responsive. Sure, it can be annoying to get a call in the middle of the night, but it’s still your property. And you should be the first person to act in case of an emergency.
5. Listen to Your Tenants
Part of being a landlord is handling tenant complaints as they arise. Perhaps there’s a noisy neighbor in the other unit, or someone is always yelling in the halls at ungodly hours. Even if the problem seems small to you, you should still do your part to resolve it.
6. Respect Your Tenants’ Privacy
Don’t go popping around your tenants’ units out of nowhere. If you must visit the property, tell your tenants in advance and only visit during acceptable hours.
And finally, be compassionate. Sometimes, a tenant may not be running a little late on the rent. Before you storm them and demand payment, try to show a bit of compassion. You don’t have to find out the issues they’re working through, but you can extend help in any way you can, such as accepting payment a few weeks late.