Being a landlord is not an easy task. You’ll have to deal with a lot of concerns such as repairs, rents, and other complaints. Another thing about being a landlord is that it is hard for you to build a relationship with your tenants and not seeing them as a moneymaker, not knowing that building that connection with your tenants can bring in numerous benefits. Here are some tips to help you become a great landlord.
Know the Laws
The Landlord and Tenant Act vary in different states. You can get a copy from the Department of Housing or online. Getting to know these laws well can help you understand the rights of your tenants, hence, treating them well and avoiding civil court.
Customize the Lease
You can obtain a standard lease form that covers basic things like security deposit costs, rent, and any legal tenant’s rights. You can use this document as a reference for your terms. You can also add special rules that you can indicate on your lease form, like weight limit on pets or late fees. Make sure that you are clear and detailed as possible, to avoid friction between you and your tenants.
Make The Repairs
If a tenant asks or calls you in for repairs, set a schedule for you to inspect the damage. If it does not fall under the emergency category, you can discuss it with your tenant and set a time that will work best for your tenant. Informing your tenants ahead of time when you will plan to stop by, and you will get respected by your renter if you do this.
Once you were able to inspect the damage, immediately make a schedule for the repairs. Acting fast can help you retain your tenants and avoid further damage to your property.
Keep Your Lines Open
Though you do not want your tenant to keep on bugging you, you still do not want to cut yourself off from your renter completely. Your tenants will feel more comfortable and at ease when they know that they can easily communicate and reach you. Once a tenant moves in, you should give your business contact information, like phone number, address, and email.
There are a lot of factors that can contribute to making you an ideal landlord. The above tips are just some of the things that you need to consider and following them can help you be a more proactive, attentive, and understanding landlord. It will also help if you get an insurance plan to help you in case something happens. Start building that good relationship with your renter, and you’ll soon reap the benefits.
At Mauser & Tobin Co., Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.