Being a landlord can seem like a daunting task, but it doesn’t have to be. Most people share the common misconception that being a landlord is extremely stressful, which is why many people choose not to rent their properties.
In actuality, being a landlord can be pretty rewarding and straightforward, and virtually anyone can succeed at it, as long as they are willing to put in the work and dedicate themselves to being the best landlord they can be.
That being said, there are some things you can do as a landlord that will make your job easier and improve the satisfaction of your tenants.
Ensure Tenants Understand The Lease
As a landlord, you should first walk potential tenants through the lease, so they know exactly what to expect. Many people who choose to rent properties might know much about leases or the laws around them, and it is your job as their landlord to make sure everything is laid out clearly for them to understand.
Not only will this make them feel more secure with their decision to rent your property, but it will also give you security, knowing that your tenants know exactly what to expect when renting from you.
If you want to be a good landlord, the second thing you should do is to be readily available and respond quickly and professionally when your tenants reach out to you. Having good communication with your tenants will help them feel more at ease and can potentially encourage them to sign another lease with you after their current one expires.
It is important to respond to tenants’ maintenance requests and other issues as soon as possible, as no one want’s a landlord who doesn’t seem to care about them.
Properly Protect Your Property
Finally, if you are a landlord, you have to have the right insurance on your property. Most of the time, tenants will respect your property and treat it with care; however, there is always the chance that you run into someone who will cause damage to the home.
Most cases will allow you to evict the tenant, and you might even be able to recover some of the damages, but home insurance helps guarantee that damages to your property will be covered. Even if the tenants are respectful, there’s always the chance of environmental damage that could potentially devastate your home. If you are a landlord, you definitely need to invest in property insurance with a reputable agency.