Characteristics oF Amazing And Profitable Landlords

Posted by Gurpreet Ghatehora on Monday, September 26th, 2016 at 8:41pm.

Being a landlord can be a rewarding experience, yet so many landlords actively work against doing a great job. Being a good landlord has many benefits, including more profitable investment properties and more stable tenants. Here are some simple ways in which you can create better relationships with your tenants and be a better landlord.

1. Respect Their Privacy

Landlords who treat their rental property like it’s still theirs are almost universally hated. People with nosy landlords are more likely to move out than confront anyone, meaning the landlord may not even know they’re being nosy. Be sure to make a clear line between being friendly and being professional. This means giving them as much notice as possible before coming over or coming into the property. It also means being friendly but not invasive. Asking them how they like the place is fine. Telling them you heard them fighting the night before is not okay. You are a professional if you’re a landlord, so treat your tenants like valued employees: professional and friendly.

2. Be Direct

Part of being a landlord is telling people what they want simply isn’t possible. Many landlords, however, take a different approach: they avoid saying no to anything, either changing the subject or making promises they don’t intend to keep. Open communication is extremely important in the landlord-tenant relationship. If your tenants have a request you can’t fulfill, be direct. Tell them it isn’t going to happen and, if possible, tell them why. It creates a dialogue and doesn’t leave them angry that you said yes and did nothing.

3. Follow Up on Promises

Similar to the above point, good landlords follow through on what they say they’ll do, and they do it in a timely manner. There’s nothing worse than a landlord who takes their sweet time in doing things. It not only makes the relationship more strained, it makes the tenant’s living situation worse. If you want to keep dependable tenants, you need to be a dependable landlord. When you say you’ll do something, give them a timeline, write it down in your calendar, and do it. It’s that simple.

4. Be Nice

If you’re nice, people like you and will be more understanding. They will probably stick around more as well. You can be nice to your tenants in all sorts of ways, from giving them incentives for if they pay their rent on time for the year, to just a simple welcome note for the day that they move in. It’s the stick versus the carrot, and one works much better for keeping consistent and decent tenants.

Being a better landlord means more profitable investment properties and more stable tenants. By being kind, sticking to your word, and keeping communication open, you’ll have a much better tenant-landlord relationship.

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