7 Guidelines for Becoming a Great Landlord in 2020

Landlord Tips

Have you thought about becoming a landlord? You can join over 650,000 people who own and rent units out to tenants.

Renting properties can create a passive stream of income while you work or play.

Make sure to cultivate positive relationships with your tenants to prevent high turnover and keep the cash flowing. These landlord tips can help you become a popular business person, you’ll never have a unit sit open for long.

1. Repairs

One of the biggest complaints about landlords is that they don’t fix or repair anything. The difference between a good landlord and a slumlord is the condition of the rental units.

You can also save yourself some hassle by having a great realtor find you an excellent property.

If it’s not an emergency, schedule a convenient time for the tenant to inspect any damage or problems. Your tenants will appreciate this thoughtful courtesy.

2. Give Space

While it’s a good idea to develop friendly relationships with your residents, remember to give them space and privacy. Don’t show up at random hours to have conversations.

It’s great to have friendly conversations in passing and during rent payment. 

You can leave notes and gifts to long-time tenants, but don’t overdo it. Tenants will stay longer if they feel like they aren’t being watched.

3. Creative Lease

After a lawyer checks your standard lease to ensure legality, give it a look to see if there are opportunities to be creative.

If you don’t mind small pets, add an addendum and small fee for little dogs or cats. You can give exceptions to people if they are willing to pay a higher price. You’ll make extra money and make happy tenants.

4. Comment Cards

Invite suggestions and comments from your tenants to figure out what’s working or not. Try to perform exit interviews with residents who are leaving. They won’t hold back any reservations about your rentals.

Be a responsive landlord, and entertain all respectful criticism.

5. Laws and Regulations

As a landlord, you have the obligation and privilege to provide adequate services that meet state laws and regulations. Failure to follow all building and tenant codes can result in expensive fines.

Avoid getting a bad reputation by ensuring you’re in compliance with all local and state laws.

6. Screening

Your quality of life will only be as good as the tenants you allow to rent. Use a fair and tough process to screen your tenants.

Perform extensive background checks, credit checks, and research their references. The process might take longer, but you’ll get better tenants.

7. Show Grace

You can be a tough landlord with good business sense, but it also pays to show grace and compassion. 

If you know a tenant has fallen on hard times, then give a few extra days for the rent to be due. Your kindness won’t be forgotten, and your reputation will get positive reactions.

Landlord Tips to Build a Business

You can generate a steady stream of income and build a viable business with these landlord tips. Become the landlord you always wanted. 

If you are looking for properties to start renting out, then contact us today.