Being a landlord comes with significant responsibility—you take care of your renters, ensure that everyone is following government regulations, and go above and beyond to ensure that your tenants have a pleasant renting experience. But being a good landlord takes you a step above average and can ensure your long-term success. Rental businesses need to work with an honest and respectable landlord.
They say when you do good, you attract good. If you put this philosophy in your work ethic, it can do wonders for your career. When you are a good landlord, you attract good tenants who you can consider as customers. When your customers are happy, they will continue to build loyalty and trust with you. Here are some tips on how to be a better landlord to your tenants:
A Good Landlord Makes Sure Their Property is Insured
Homes and rental properties can be susceptible to damages, such as fires, thefts, and natural disasters. As a landlord, it is your responsibility to make sure that your property is insured in case of an emergency. If a tenant’s personal belongings are damaged or lost during their residency in your property, you will want to be sure that you are not held liable.
Before you put up your property for rent, you want to make sure that you and your future tenants are protected by insurance. It is best to set a meeting with a property management company that could help you choose the proper insurance your building needs.
They may suggest that you get Property Insurance and Liability Insurance. This type of insurance protects you and your property from damages and can also protect you in the event of a lawsuit.
Insure your property with a good landlord insurance policy to protect yourself from any unforeseen damages or accidents.
Be Mindful of Your Tenants’ Needs
As a landlord, you must be mindful of your tenants’ needs. Sometimes, things come up in life and your tenants might need to move out before their lease is up. If this happens, you should try to be as flexible as possible.
If you are unable to extend the lease, be sure to refund the tenant’s security deposit in full and do your best to help them relocate. This will show your tenants that you are a good landlord who cares about their well-being.
The Best Landlords are Prepared for Emergencies
Emergencies can happen at any time and you must be prepared for them. As a landlord, you should have a plan in place for emergencies such as fires, burglaries, and natural disasters.
Make sure you have the contact information of emergency services handy in case of an emergency. You should also have a list of contractors who can help with repairs promptly.
Being a good landlord is key to having successful and happy tenants. When your tenants are happy, they will be more likely to refer their friends and family to you. Follow these tips to create a lasting relationship with your tenants and be known as a good landlord.
Get to know potential renters well
A landlord cannot be relaxed about choosing their potential tenants. You must be able to set a certain amount of time to interview and get to know your tenants properly. If they plan to open a business on your property, it is only right for you to ask them to tell you their process and what they are planning to do. Ask them to fill up an application form, request essential documents and information that can help you get a background check on your potential tenants.
No matter who they are, may they be a family member or a friend, it’s always best not to be too lenient and to be stern about your property rules. Once you’ve established a relationship with your tenants, you’ll be happy that you made an effort to get to know them.
Always maintain your property
Sometimes a landlord can get too relaxed and pass all the burden to the tenants. Whether it be a broken pipe or a leaky roof, it’s always best to be on top of all these issues. Calling a plumber or a carpenter to help your tenants with these issues will make your relationship even stronger. Always check up on your tenants’ spaces to see which parts need repairs and upgrades. This way, you’ll be able to prevent future damage to your property as well.
The best landlords are those who are humble and who continue to be responsible for their tenants’ safety and well-being. They build strong relationships with their tenants and are always aware of their needs. Working with a reputable property management company will help give you the much-needed protection of your property and your tenants’ needs.
Polaris Property Management is an award-winning property management company in Indianapolis. We have a team of experts who can help you with your property issues like maintenance and repairs. We also offer our services to new landlords to help find the right tenants for them. Call us today, and let’s talk about making your property better. Or for more information on how to be a good landlord, please contact our office. We would be happy to help!