Investing in rental properties can be a rewarding experience or a journey to you-know-where and back. The truth is you hold the power to make your investment experience a great one – by being a winning landlord. Here are some top suggestions to get you going.
Communicate. Communicate. Communicate: No matter what you are trying to be great at, this is always the first step. Keep your tenants informed. Don’t be a pest by any means, but if you are sending a maintenance tech to check out the AC before temperatures soar, let your tenant know. And don’t just give them a time; confirm that they can accommodate or make a change. If you plan to increase the rent, provide them with as much notice as possible so they can plan accordingly.
Be responsive: Communication is a two-way street. If a tenant lets you know of a broken appliance or another matter that needs attention, respond promptly.
Speaking of maintenance: Keep on top of things to minimize disruptions to your tenant. Preventative maintenance can help you stay ahead of the game and avoid unexpected expenses.
Play fair: Remember, this is their home. Let them hang pictures, artwork, etc. to make their house a home. If they want to paint one of those neutral walls a bold color, consider it. (With permission, include a signed agreement that states they will either return the wall to its original color before moving out, or pay a specified amount to have you take care of it, of course). Being flexible and considerate always pays a reward.
Customer Service: Offer a warm welcome to a new tenant and take time for tenant-appreciation gifts when appropriate.
Be friendly, but not best friends: On the one hand, friendly “customer service” is always a winner. On the other hand, don’t invade your tenant’s privacy. Don’t drop in every week or make unplanned visits. Trust your tenant to fulfill their part of the lease agreement.
Be willing to bend sometimes: Of course, you must hold tenants to their rent, and other details of your lease agreement. Sometimes life takes a hard turn though and being a little flexible is the right decision. Someone gets laid off; a family member goes through a serious illness, etc. There are appropriate times to work with a tenant and extend a little grace to help them get over the hump.
Bottom line: If you want top-notch tenants, be a top-notch landlord. You are not just providing a place to rent; you are offering a service. When it comes to service, the best service always attracts the best customers – again, and again. If you want to have low tenant turnover, create a place, and offer a service where they want to stay.
