Whether renting out a room in your home or having a dozen properties leased to various tenants, property management for landlords always benefits from new tips. Property management is a constantly changing industry. And there are ways for new and old landlords to run a better, more efficient business.
Continue reading to learn nine ways to become a better landlord—you (and your tenants) will be grateful!
Maintain Your Professionalism
Staying professional is a vital part of property management for landlords. Property management is a business, and you must treat it as such. It should reflect in your interactions with your tenants.
Don't rent your property to personal friends or family members. If you rent out your home to someone with whom you have a close relationship, you may let certain things slide, which is a bad habit to develop.
Being professional also keeps emotions from clouding your judgement if a tenant violates a lease or needs eviction.
Keep Your Records Thorough
Like any other business, property management for landlords needs some bookkeeping. Keeping detailed records of all transactions between you and your tenants is necessary.
Rent is the most obvious example: you must keep records of when you received rent, whether it was late, and so on. Provide receipts to your tenants. So both of you are on the same page.
It also applies to any repairs you make to the house during the tenant's stay. And any additional deposits or fees owed to you under the lease.
However, if there is even a remote possibility that something will be relevant in a future legal dispute, keep a record of it!
Create a Screening Process
Before renting a house to someone, make sure you can trust them. As a result, property management for landlords should conduct a thorough screening process for new tenants.
Background checks, credit checks, and work history are all examples of screening procedures. These factors will help determine whether the prospective tenant can pay the rent consistently.
Improve your Property Management Services
Property management for landlords is usually a solo show, especially if you're starting out and only have one or two properties to rent. It doesn't have to be that way; you could hire a property management company instead.
At PropertyAngel, once you hand over your property to us, you don't need to worry about anything. PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based proptech firm providing professional estate management services for single apartments, villas, and houses.
We market your property in various ways, including our company networks, social media, real estate portals, etc. We have a thorough screening process to shortlist your tenants. Usually, we look for tenants who are willing to pay their rents on time, will keep the property well-maintained, and will stay for a longer duration. Besides, we also conduct maintenance checks to ensure everything's in working order.
In short, PropertyAngel handles everything a landlord might need to manage, from marketing your property to eviction.
Consistency is crucial if you want to keep tenants happy when doing property management for landlords. It means adhering to the rules every time outlined in your rental agreement. So your tenant knows what to expect.
Consistency also means carrying out your landlord's responsibilities timely and efficiently. As a landlord, make yourself available to your tenants and respond to their concerns within a reasonable timeframe. If a tenant does not believe you will show up when you say you will, the entire relationship may suffer.
Know the Local Laws
Your lease agreement is not the only rule you must know. You must understand and follow local laws and ordinances wherever you manage properties. These local laws will also play a role in creating your lease agreement. Setting illegal lease terms can land property management landlords in legal trouble. You should also be aware of your legal obligations to your tenants.
Make Your Lease Information Clear
Writing a good lease is only the beginning of property management for landlords. You must also ensure that your tenants understand it. One should not make assumptions and read the lease with tenants to ensure they've read it.
It accomplishes two goals: it establishes that both parties understand and agree to the rental terms while making you appear professional and trustworthy to your tenants.
You can rest easy knowing that your tenants understand what they shouldn't do. And your tenants are aware that you did not include any hidden clauses.
Offer Incentives to Good Tenants
When managing properties, you want to do everything possible to keep good tenants. There are far more bad ones than good ones, so keeping the good ones is a crucial aspect of property management for landlords.
Check with good tenants about renewing their lease a few months before it expires. Ideally, they'll agree, and you won't have to deal with the hassle of screening new tenants or vacancies.
To go the extra mile, offer to make minor improvements to the property when the renewal comes up. A fresh coat of paint or an upgraded appliance can increase the likelihood of a tenant staying.
Be Strict With Evictions
As a landlord, you will encounter several bad tenants for every good one. You need to evict the worst. It's an unpleasant process for property management for landlords, but it's necessary to protect your investment.
Being firm is the best way to achieve a successful tenant eviction. Don't let the tenant talk you out of it, and don't back down if they threaten you.
You should be fine as long you approach it with a firm understanding of local laws and your contract with the tenant.
The Bottom Line
Although being a landlord isn't always easy. But, you are now well-equipped with the tips of property management for landlords and can make life better for you and your tenants. Are you looking for more strategies to improve your real estate game? For better suggestions on property management, check our PropertyAngel blog!