Can you believe that there are more than 11 million landlords in America?
Becoming a landlord can be a fulfilling and lucrative job if you approach the position in a smart way. Maintaining a good relationship with your tenants is the key to preventing expensive vacancies and bad reviews that damage your reputation.
Have you ever wondered what you can do to ensure that your tenants respect you and your property? Keep reading to obtain our top five tips on how to be a good landlord.
1. Handle Maintenance Requests as Soon as You Can
A simple thing that you can do to become a successful landlord is to respond to maintenance requests right away. Your tenants are paying for a high-quality home, so they don't deserve to suffer through bad conditions when things break down.
Addressing maintenance requests is guaranteed to improve your relationships with your tenants. You can also stay away from legal trouble since some repairs are emergencies.
2. Don't Raise Rent at Unreasonable Rates
Many places throughout the country have laws that limit how much a landlord can increase rent whenever it's time to renew someone's lease. If this is the case where you live, then you must obey this law.
Even if you live somewhere that doesn't have these restrictions, you should never charge a ridiculous price. Your tenants will leave and you'll have a hard time filling their unit.
3. Be Kind and Respect Your Tenants' Privacy
Many different landlord qualities can make your tenants happy to live in your units. It's important to be kind but to avoid being overly friendly since you need to maintain a business relationship.
If there's ever any reason why you need to enter a tenant's home, be sure to give adequate notice and be clear about why you need to visit.
4. Honor Your Side of the Lease
You should never forget that you have obligations when you create a lease as well. If you break a clause in the lease, then you're showing that you don't respect this legal document or your tenants.
This reflects poorly on your image and it invites your tenants to break the lease as well.
5. Don't Take on Too Many Landlord Jobs
One of the most valuable landlord tips is to spend your energy doing tasks that complement your skills. If you try to accomplish too much by yourself, then you'll let yourself and your tenants down.
This is why many landlords choose to team up with a property management company. They'll be able to take on any common chores that you don't want to deal with anymore.
Now You Know How to Be a Good Landlord
There is a bit of a learning curve when it comes to figuring out how to be a good landlord. If you follow these tips, you can avoid some of the most common pitfalls.
Are you interested in hiring an amazing property management company in the Chicago, Illinois area? Contact us to learn how we can help you!