What do you think your tenants would say about you? Whether you are a landlord or in the process of becoming one, how your tenants view you, your reputation as a landlord, is important.
Why? What can a reputation as a terrific landlord do for you? Well, simply put, it can put more money in your pocket.
Long term tenants mean long term monthly income. A tenant who sticks around long term means you don’t have the yearly hassle of screening and searching for a qualified tenant or cleaning and painting to prepare them.
Plus, chances are, a long term renter is happy with their home and will take better care of the place.
So what does it take to be a great landlord? Below is a list of suggestions to encourage your tenants to stick around for awhile:
1. Keep your rental in top shape. No matter what the monthly rent, a higher quality rental will lure a higher quality renter.
Action steps:
- Be accessible. Return phone calls within 24 hours.
- If you are going away and can’t be contacted, leave the name and number of someone to call in case of an emergency.
- Stay on top of repairs. Make the commitment to make repairs timely.
- Know your limits. It is great to be a jack of all trades and save money on repairs but if you don’t do electric, be sure to call in someone who does.
- Have a list of go to contractors. Once you’ve defined your limitations, create a list of reliable repairman who does timely work as inexpensively as possible.
2. Establish your expectations. Consistency is important, it creates a sense of safety and that creates a home.
Actions points include:
- Outline your expectations up front. Be sure that a list of rules and clearly laid out consequences are either included in the lease or provided with the lease.
- Once a rule has been broken, follow through with the consequences. If you allow one rule to be broken without consequence, it can lead to several.
3. Respect them. Remember that your tenants are real people. They have real problems. It may sound contradictory, but you can set limits and remain consistent.
An action point includes:
- Respecting their privacy. Just because you own the property, it doesn’t give you the permission to come and go as you please. If you find it necessary to enter the property, give them a heads up.
4. Go the extra mile. Creating mutual respect will go a long way toward keeping a happy tenant.
Action points include:
- Mow the grass for them. Nothing says welcome home like a freshly mowed lawn. Your new tenants have enough to think about, why not take one thing off their list?
- Follow up with them a month after they move in. This simple gesture will go a long way toward creating the relationship you desire.
