Harvard University's Joint Center for Housing Studies reports that the total number of renter households is 44 million. Thanks to high rental housing demand and low vacancy rates, landlords have plenty of options when it comes to finding tenants.
However, once you find that ideal tenant, you want to keep them around. Ensuring renters renew their leases reduces the turnover rate and is less stressful for you. You can ensure they stick around by being a great landlord.
Do you want to know how to be a good landlord? These are three common qualities of a stellar landlord you can work toward.
Any successful landlord knows how to stay organized. They have excellent time management techniques, document everything, and keep excellent records.
If you're interested in becoming a landlord, it's a good idea to learn how to document everything in writing. Keep contracts, leases, receipts, records of repairs, reports, and more well organized. Digitize paper documents if you can, and always store a backup.
If you accept rent payments by hand, make sure you never lose them. If you're considering a safer and more secure method of accepting rent, consider expanding payment options by offering online payments.
2. Great Communication Skills
There are many types of landlords, the hands-off kind, those that don't understand the market, the overly demanding, etc. As a landlord, you want to be attentive, respectful, and great at communicating.
You want to keep a respectful distance and avoid constantly micromanaging or hovering over your renters. That said, you should be there if your tenant has a question or needs to reach you. It should be easy to reach you, and you should respond to concerns or questions within a reasonable timeframe.
Additionally, it's crucial that you clearly state your expectations and the rules in the rental agreement. Be sure to discuss common topics such as the pet policy, penalties for late rent, guest policies, and so on.
Finally, if you want to attract the best and most responsible tenants, you need to act like a professional. Take pride in your rental properties. Consider the way you act, how you dress, and how you present yourself.
You want to be friendly but also remember that you're the landlord. Tenants need to follow your rules and policies. Sometimes, you need to be firm.
If you're a new landlord, there are likely aspects of the job you're not used to yet. For instance, managing the property and handling maintenance requests can seem overwhelming at times. In this case, hiring a property management group can help you appear even more professional.
The Basics of How to Be a Good Landlord
These are some of the basic traits of excellent landlords. However, if you want to learn more about how to be a good landlord, you should consider investing in property management services. You'll learn valuable tips and have a partner on your side to help you be the best landlord possible.
HomeRiver Group Houston can help you make the most of your investment. Learn more and get a free rental analysis today to make managing your rental properties easier.