No one wants to be known as being a bad property owner. This increases your turnover rate and it will be a lot harder for you to rent out your properties. While you are in a position of power, it makes sense to ensure that your tenants are happy with you.
When they move out, they will recommend you to other people and people should be flocking to rent your properties. Here are the top tips in making sure you are a good property owner.
Get Your Tenants to Pay On Time
While allowing a lot of leeway in when you collect rent will probably get you known as the “cool landlord,” it isn’t something you want to get in the habit in. Immediately send a letter when your tenants are late on rent. All of your tenants should be expected to pay on time: No exceptions.
If you let them slide by waiving a late fee early on, why would they pay rent on time? On the other hand, if you have a tenant that has been with you for a long time and they have a history of paying on time, there is nothing wrong with waiving a late fee if they are having a rough month. Stuff happens in life, it is perfectly okay to be understanding. Just be smart about it.
Engage with Your Tenants
Too many property owners are only present when it comes time to collect the rent. This does not put you in a particularly favorable light. While many people expect to interact with their property owners when rent is due, it is important to go the extra mile and seem like an actual person.
To many tenants, a property owner is just a faceless name on a paper. Fix that! Stop by every now and again. Give them a call to see how everything is going and if they need any services. This goes a long way in making sure that your tenants are comfortable.
Consider Giving Your Tenants Small Gifts
Emphasis on the “small”. No one is saying you have to go out and give everyone a HDTV. With that being said, a nice birthday card or a gift card around the Holidays is a great way to show your tenants that you appreciate them. It does not have to be expensive.
Be On Top of Repairs
Nothing irritates a tenant more than when something is not working. Before you rent a place out, make sure everything is in working order. It is one thing for something to stop working a few months after a tenant moves in. It is unacceptable for something to stop working as soon as a tenant moves in.
If there is a need for repair, make sure that your maintenance staff is professional and punctual. No one enjoys having to call about the same problem repeatedly.
Overall, having a happy tenant is beneficial to everyone. A happy tenant is more likely to pay you on time and respect your things. In addition to that, they will help you get more business in the end.