The life of a landlord is no easy task. There are so many stories out there about awful landlords–not to mention a new website where you can share all the gory details–being deceitful about the lease, refusing to fix up their units, or acting just plain mean. But there are plenty of good and respectable landlords who have happy tenants, and believe it or not, it’s not that hard to figure out. Here are just a few suggestions on how you can be a good landlord and have happy tenants:
1. Be Straightforward And Respectful
One of my biggest pet peeves when reading a lease is someone trying to rush me. It’s a legally binding contract that may or may not contain information I don’t want to agree to, so I’ll read it as thoroughly as possible. Just respect your tenants’ intelligence and allow them to feel comfortable, not like they’re wasting your time. If they have issues with the lease be straight forward and explain what the stipulations mean. Don’t try to deceive them only to later deal with upset tenants.
2. Familiarize Yourself With the Laws
This should be a no-brainer. If you’re going to be a landlord, you should probably know the laws governing that occupation. For instance, did you know in Massachusetts landlords have 30 days to return a security deposit to a tenant? Not knowing these rules can lead to frustration on the tenant’s part and possible legal action. Avoid these conflicts and bone up on your law book.
3. Have An Open Door Policy
A tenant should never be afraid or reluctant to communicate with their landlord, but unfortunately this seems to be the case many times. I have friends who sneak past their landlord’s door so they don’t have to talk and some don’t even know who their landlord is! Introduce yourself to your new tenants and let them know if they have any questions or concerns to contact you in whichever way you communicate most frequently, whether it’s the phone, email, or simply face to face. That way if any problems do arise you can address and resolve them rather than deal with unhappy tenants.
4. Be Timely with Repairs
A surefire way to catch the ire of your tenants is by putting off important repairs. Every year I hear stories of the AC breaking down in summer and never getting fixed, a window breaking in winter that never gets replaced, or a leaky faucet that keeps everyone up. This may cost extra, but it’s the responsibility of a landlord and a great way to improve your reputation. If people feel like they’re needs are being tended to they are more likely to rent from you again or even recommend your units to their friends.
5. Be Organized
We all let things slip our minds now and then, but when it comes to important things, the consequences can be severe. Print a copy of the lease for all tenants and store an extra either digitally or physically just in case one is needed for reference. Keep track of all correspondences with tenants pertaining to repairs, rent, and other important information. Notify tenants in a timely manner if someone will be coming into their place of residence. All these things will make life easier for your tenants and make business better for you.
