The landlord-tenant relationship can be tumultuous, very successful and everything in between.
A great landlord goes a long way in keeping great tenants and maintaining relationships with them. Fortunately, you can take steps to become a landlord every tenant would like to have.
- Know your rights. Real estate laws differ in every state, so speak with a real estate attorney or your local housing authority to learn the laws in your area. Your tenants will respect your decisions if they know they come from existing legal guidelines. This can also protect you from lawsuits in the future.
- Know your codes. Just as you need to know your real estate laws, you also need to know the property codes and safety and health regulations.
- Outline the guidelines. Most tenants will respect your rules if they know about them ahead of time. Establish written policies and share them with tenants before they sign their lease so they know what is expected of them.
- Solve problems. Things will break at your rental property just as they do at your residential property. Great landlords respond quickly and make good repairs when things break.
- Create a sanitary environment. This means removing the trash and keeping the communal areas clean. If you want to keep great tenants, this is non-negotiable.
- Create a safe environment. You can’t control what happens outside your rental property. But ensuring the property has locks, fire and security alarms, sufficient parking and bright outdoor lighting will help your tenants feel safe coming home each night.
- Respect their privacy. Yes, it’s technically your property. But you want your tenants to feel like they own it, too. You can foster that feeling of ownership by respecting their privacy and giving notice before you plan to enter their home.
- Collect rent in an organized fashion. If you want your tenants to pay their rent on time, establish an easy, dependable system that they can follow.
In the final post, learn how insurance works for landlords and renters.