How to be a good Landlord
Being a good landlord is a necessary part of renting your property. Once you have secured good, reliable tenants, you want to do all that you can to ensure that they remain in your property. You want to ensure that communication is open and friendly, so you can have a prosperous relationship and gain access to your property.
Oftentimes, as a landlord, it’s easy to start viewing tenants as dollar signs, instead of building a lasting landlord/tenant relationship. But creating a good connection with your tenants and marketing yourself as a great landlord has numerous benefits.
1 Offer rewards
Let your tenants know that they can earn “rewards”. Have a policy where they can earn rewards like a carpet cleaning or the installation of a ceiling fan for signing another 1 year lease, or for referring a tenant to your company. Make them want to stay in your property, and you will be more likely to have long term tenants.
2 Listen to the Tenant’s Concerns
When you get a call from a tenant, listen to his concerns and do the best you can to make him feel like you addressed them. Granted you can’t do everything to satisfy your tenant, but indicating that you will do your best is often all it takes, to sustain a good relationship.
3 Respect the Tenant’s Privacy
Tenants value their privacy. That’s why you are required to give a tenant notice before you enter their property. Let the tenant know ahead of time when you plan to stop in. And limit your visits to business hours or the early evening.
4 Make those Repairs
When a tenant calls with request to have repairs done. Make sure you take their request on board and agree to make changes and repairs, within an agreed time scale. Tenants will appreciate massively your diligence and helpfulness. Whereas if you leave them in the lurch without any hot water, they will quickly try and nullify their contracts.
5 Protect your tenants deposit
Legally you must keep a deposit in an approved deposit scheme that offers security for tenant and landlord.
There are three approved schemes to choose from and you must supply a tenant with the relevant information, including which of the authorised schemes you are using, how to apply to get the deposit back at the end of the tenancy, an explanation of the purpose of the deposit and what to do if there is a dispute.
6 Don’t be tight
If you’re fortunate enough to land yourself with a great tenant, then treat them like a great tenant. A great tenant is priceless, and you may need them more than they need you. Remember, they pay your mortgage.
Refusing to repaint, recarpet, or upgrade necessary appliances for a great tenant makes no sense. If you don’t do it for the great tenant you already have, you’ll have to do the work when they leave in order to attract new tenants anyways.
At Waltham Estates, we recognise that buyers want to understand all they can about the local community before they make their real estate purchase. We pride ourselves on our knowledge of the local area. Call us today for more information on properties in Walthamstow and what it’s like to live in this vibrant community.