One of the best investments that make you financially independent is going to be real estate. More people are buying properties and converting these into rentals for long and short-term use. However, being a landlord isn’t as simple as owning and charging for a space. A lot of responsibility goes into it, and it’s important to be a good landlord. But what exactly makes a good landlord?
A good landlord knows how to create a welcoming space for their tenants. They can take care of any repairs that need to be made and provide a reliable system of utilities. It sounds very simplistic, but a lot more goes into this. So, here is everything you need to know about becoming a good landlord.
To be a good landlord, you will need some good tenants. While you can put up your homes to rent online, you’re still going to need to be able to make a strong argument within your listing about what your requirements are. You’ll need income and credit checks, as these will help reassure you that your clients can pay your rent on time.
This should go further, such as a background check, drug testing, and maybe even a reference list. Getting good tenants and providing them with special instructions and contact information is important. Just remember, good tenants help create good landlords and vice versa.
Create a Lease
There’s a lot of work that goes into being a landlord, far more than what people may think. You’ll need to go through paperwork, have insurance, and know the local laws. You’re also going to need to create a lease for these tenants. These should include the following:
- Security deposits
- Noise limits
- Visitor limits
Make sure you review these requirements with the tenant so both can agree. Your tenant needs to know all of these, and they need their own copy as well.
Communication is Key
One of the biggest aspects of being a good landlord is going to be through communication. A good landlord is going to have interpersonal skills.
They’re going to be able to be prepared to discuss issues that are occurring with the property at any given time. You must be accessible and easy to reach, whether by phone or email. Plus, you need to respond to your tenants promptly. But it needs to go a step further than this.
You should be open to discussing disagreements or emergencies, such as losing a job or anything else.
Repairs and Maintenance are Serious
One of the most difficult issues tends to be maintenance. They creep up from time to time and can create such a hassle. As a landlord, you will need to take care of these. Plus, your lease and local laws will show that issues need to be fixed for the space to be habitable.
As a landlord, you technically only need to address the major ones, and sometimes, tenants need to do some of the work themselves. But being a good landlord is about stepping in, both the big and small maintenance, whether it be plumbing, electrical, or even some of the smaller maintenance needs.