How to Be a Responsible Landlord
If you want to excel at your career as a landlord, there are a few skills you’ll need to master. One of those skills, and probably the most important, is responsibility. Being a responsible landlord may sound like a no-brainer, and for the most part that’s true. Here are some things to add to your ‘responsibility toolbox’ if you want to keep a reputation that is full of integrity.
- Treat your tenants with respect: Remember that if it wasn’t for your tenants, you wouldn’t have a paycheck. There are many different reasons that people rent properties; they could be just getting over a divorce, or they could be new to the area. Perhaps they are just starting out after college, or maybe they’ve had financial problems in the past that are preventing them from owning their own home. Whatever the reason, treat them with kindness.
- Manage your property: Whether you maintain your own property or you hire a property management company to do it for you, make sure that it looks good. Have the grass trimmed on a regular basis, clean up the yard, plant a garden, paint the trim, and shovel the walkway in the winter. Your property should not look like it’s in the middle of the slums.
- Action to-do’s as quickly as possible: Have the tenants alerted you to problems with the dishwasher? Is the furnace making funny noises? Is the roof leaking? These things should be inspected and maintained on a regular basis. Anything that needs fixing or replacing should be done ASAP. A responsible landlord makes sure that all major components of the property are in good working order.
- Know the law: Every State has a set of rules that landlords (and tenants!) must abide by. It’s important to know what you need to do as a landlord, under the Landlord and Tenant laws that are in place. These can change every few years, so you’ll have to keep up with the latest set of rules. You can’t be an absentee landlord; yes you can go on vacation or live a long distance away from your property, but you will have to be kept updated on what’s going on, and any issues that arise. It is up to you to make the final decision about what you want to do about them.
- It’s not just about money: Ok, it’s mostly about money, but there is more to being a landlord than collecting rent every month. It’s about creating wealth through property ownership, helping others in need and doing the best job that you can. You’re helping others one person (or family) at a time. Does this sound melodramatic? Not for the single mom who has nowhere else to go; not for the college graduate who is starting a new life in the area. And not for the recovering alcoholic who is turning his life around and needs a roof over his head.
Being a responsible landlord is not all that difficult when you think about it. Be a good, honest, and hardworking person who wants to help others. That’s really what it all comes down to.
Benefit National Property Management Services can help you with all of your property needs. Visit the website today for more information.