Last updated on June 30th, 2019 at 03:04 pm.
Whether you currently own and manage a number of investment properties, or you’re just starting out, it’s always important to think about the ways you can become a better landlord. To keep you and your tenants happy, take a look at these qualities that every great landlord should have.
Having good communication with your tenants is key. Right from the initial stages of the tenancy to the end, you should always make yourself reachable in case the tenant has any queries or issues that need to be resolved. A good landlord will be easy to talk to, providing guidance on anything the tenant is unsure of and offering helpful advice if needed.
They’ll also be easy to get in touch with via phone, email, or text, and quick to act in any emergency situations. If a tenant has any issues such as a faulty boiler that they need you to check out, you’ll also want to make sure that you’re able to come and visit the property. If the property that you own is far away from where you live, you might want to think about hiring a property management service who can take care of these responsibilities for you. RW Invest, a Liverpool based property investment company, offers investors the option to use an experienced management company to help their venture run smoothly.
While you can’t allow your tenant to consistently pay their rent late or paint the property in crazy, bold colours, a degree of flexibility is always important. Being a good landlord means having a flexible approach towards your tenant, so that if unexpected issues like losing their job or hospitalisation occur, you can have some compassion towards them and arrange a solution.
If you’re renting to a younger tenant such as a young professional, you may want to think about offering some flexibility when it comes to decorating. These type of tenants often prefer the ability to make small decor tweaks if need be and will appreciate a landlord that lets them do this. As long as you outline some ground rules beforehand, and check what the tenant plans on doing with the property so that you can approve this, they may be more likely to stay for longer.
One of the final qualities that take a good landlord to a great landlord is trust. If you don’t have trust in your tenants, they’ll feel less comfortable to live in your property and see it less as their home. This trust goes both ways — your tenant trusts you to provide a safe and sufficient place to live and to take care of any maintenance and issues, and you trust your tenant to pay their bills on time and take good care of your property.
One of the problems landlords encounter is when tenants refuse to report issues in the property as they’re worried they’ll be accused of doing damage. To ensure this doesn’t happen, make it clear that you need to be informed as soon as possible if any problems arise. For instance, a tenant could have noticed some mildew growth around the window sill and automatically assume this is their fault as they didn’t open the windows for ventilation. In order to know what’s going on in your property and avoid further damage, your tenant needs to know that they can trust you with any issues and that you’ll be understanding as possible.
Note: this is a sponsored post from RW Invest.