How to Be a Good Landlord: Our Top 5 Tips

While protecting your investment is important, making your tenants feel welcome is key to successfully managing your rental property.

If this is your first time renting out a property, don’t fret! Our experienced property management team compiled our top five tips on how to be a good landlord here.

Why Is a Good Landlord-Tenant Relationship Important?

The landlord-tenant relationship directly affects vacancy and turnover costs.

During their tenancy, the better your rapport with tenants, the more likely they are to renew their lease at the end of its term. They may also recommend you to other prospective tenants, take better care of your rental, and willingly come to you with questions and concerns.

5 Tips for Becoming a Good Landlord

  1. Treat Your Property Like a Business
  2. A rental property may not be your main source of income. Even so, it’s still a business, and you’ll be working closely with other people. It will make all the difference if you maintain a professional attitude, keep your accounts clean, and carefully screen tenants before they move in.

    Similar to a business, you’ll also want to check that your property is up-to-code. Before leasing your property, make sure it’s safe for tenants to reside in. Not only will you start on the right foot with renters, but you won’t run into legal issues down the line.

  3. Screen Tenants Online
  4. Tenant screening aims to find tenants who will pay on time and take care of your property. From criminal background to previous rental history, income verification to credit checks, a thorough tenant screening report will protect your rental property and ensure the most successful tenancy possible.

  5. Keep the Relationship Professional
  6. Hopefully, you and your tenants will have a friendly relationship. That said, it’s essential to set boundaries on the off chance you have to confront or evict them. If you’re too close, you may end up with an awkward situation on your hands — or worse!

    That’s not to say that you should be cold to your tenants. It’s always good to be amicable. For instance, you can send them a holiday card or make it a priority to be easily accessible if there’s an emergency. As their landlord, remember to be pleasant but formal.

  7. Enforce Your Rules
  8. The best landlords are fair but firm. If you don’t enforce and follow the rules outlined in your lease agreement, there’s no point in having one. For example, if you don’t want tenants to smoke in your property, be strict about the no-smoking policy. The same applies to paying rent on time and anything else that matters to you.

    We understand the threat of vacancy. However, without any type of structure, you run the risk of letting tenants walk all over you.

    Keep in mind that there’s a difference between being professional and being nice. You shouldn’t let your tenants pay their rent late every month. Although, in tough times, showing a little understanding can make all the difference.

  9. Hire a Property Manager

In the end, hiring a property manager can save you a lot of time and frustration. For example, they can help market your rental property, collect rent each month, and manage tenant issues, so you don’t have to. A reputable property management company can also help you avoid lawsuits by ensuring your property is always up-to-date and compliant with laws and regulations.

Having a third party manage your rental property will help give you peace of mind, so you can focus on being the best landlord to your tenants.

Property Management Services in Central Texas

There doesn’t have to be a huge divide between you and your tenants. Following these five tips is a great starting point.

512-Society Property Management has provided professional property management services to Georgetown, TX, and the surrounding areas since 2005. From tenant screening services to handling maintenance requests, our services are perfect for new and experienced landlords.

Are you ready to maximize your property’s ROI? Give us a call or contact us today!