When you choose to become a landlord you are choosing to put money into an investment and then hand that investment over to another person to live in. There are precautions that you should take, of course, but even tenant screenings, which will be your first line of defence against delinquent tenants, can’t catch every possible problem that could come across your desk.
LandlordStation has gathered a few tips for you to give you an advantage for setting up a successful relationship between you as the landlord and your tenants.
- Avoiding Landlord Stigmas – Something that you likely learned early in your career as a landlord is that there are a few stigmas associated with the rental business. Knowing those and knowing how to avoid them will help you as you approach your professional relationship with your new tenant.
- Tenant Responsibilities Noted in the Lease – Following a tenant screening, your lease is an excellent way to protect your rental investment. Make sure that you have detailed out everything that is expected on both sides for the legal contract so that it is clear.
- Leasing to Pet Owners – Choosing to keep pets entirely out of your rental can limit your applicants and may also result in your tenants choosing to sneak their furry friends into the rental without your knowledge, potentially leaving you on the hook if they cause damage to the property.
- Incoming Tenants – There are a collection of common mistakes that landlords may make with new tenants, and it’s better to have an idea what those are so that you can avoid them.
- Tenant Welcome Letter – While you may cover everything that should be covered during the lease signing, a tenant welcome letter will give you a chance to provide the highlights of what is expected of them in writing.
- Checklist for First Time Tenants – You may have a tenant that has never rented a place of their own before, and if this is the case they may not know how to care for it. You may consider a checklist of things to watch out for and little tips to help them along.
- How to Talk to Tenants – Part of setting up a solid and professional landlord-tenant relationship is to keep the lines of communication open.
- Encouraging Tenants to Treat Your Rental as Their Own – Some tenants will take care of your rental unit with the same pride that they would approach a home that they bought and plan to stay in for years to come, but others may be less inclined to handle it with the same care. Make sure that you take the necessary precautions.
- Promoting Safety in Your Rental – Keeping your rental unit safe will help both you as the landlord and your tenants that live there.
- Training Your Tenant to Help You – Part of setting your rental business up for success is as easy as letting your tenant know what you need from them.
- Working With Local Businesses – If you’ve found a good tenant, you’ll want to make sure they stay. One option you have is to reach out to local businesses and see if you can work a deal with them to benefit you both in which your tenants receive a discounted price for their services and they receive new clients.