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5 Ways to Be a Great Landlord

If you’re ready to start investing in real estate, it’s time to learn how to be a good landlord. With the right attitude, you can attract high-paying tenants and keep them around for years. The wrong moves will send renters fleeing for the hills, meaning you’ll lose money to vacancies. Here are five ways you can keep tenants happy.

Allow Pets

Most Americans own a pet or two, yet many landlords don’t allow pets. This is a double loss for you. One, you’ll be keeping potentially great tenants from renting with you. Two, you’ll miss out on pet rent. In major cities, you can charge as much as $50 a month per pet. Tenants will gladly pay the extra costs to keep Fido or Fluffy with them.

Follow the Lease

Make sure you understand what your lease says. How many hours of notice do you need to give tenants before entering the property? What amenities or upkeep are you responsible for? Understand your commitments and follow them.

Do a Move-Out Inspection

Tenants often complain about not receiving their entire security deposit back. They claim that landlords are trying to steal money over minor issues. Sometimes, these complaints even end up in court. If you want to be a great landlord, meet your tenants on their final day in the unit. Walk through the property with them and explain any areas that you think are damaged. This way, your tenant won’t be surprised.

Screen Out Bad Tenants

If you have multi-family units, it’s vital to get good tenants in your property. One bad tenant in a four-plex might drive your other three renters away. Before renting, perform background checks and credit checks. Ask for references. It might seem harsh, but you’re protecting your business — and your existing tenants.

Make Repairs

Don’t be a slumlord. If a tenant reports a problem to you, get it fixed. That’s your responsibility as a landlord. This also benefits you in the long run. Tenants are more likely to stay with you for the long-term if you’re quick to resolve problems. You also prevent big property damage by fixing small problems. A leaky pipe or runny toilet can flood an entire house.

Being a good landlord isn’t just the right thing to do. It’s also good business. Follow these tips and you’ll see your rental income grow.