5 Tips For Being A Great Landlord

Being a landlord in today’s market can be extremely demanding, and becoming one is not a decision real estate investors should take lightly. Owning and managing a rental property comes with a unique set of challenges that not all investors are cut out for.

If you invest in a rental property, it’s important to understand what it takes to be a good landlord. A good landlord not only helps keep tenants happy and satisfied, but also maintains a positive relationship with them, ensures a steady rental income, and minimizes property damage or loss. Here are 5 basic rules to ace you’re role as landlord: 

1. Do in-depth tenant screening

Screening is an important part of the tenant selection process that can help you identify tenants who are more likely to take good care of your property, and adhere to your rental policies. By screening tenant applicants, you will save yourself a lot of headaches in avoiding the risk of potential property damage, missing rent payments, and ensuring that your property stays well-maintained.

Additionally, taking the time to make sure you’re bringing the right tenants into your rental property can help you avoid tenant turnover and vacancies, which can be expensive for landlords.

“I use a credit score of 700 or higher for anyone who will be on the lease, plus a credit report that lists no collections and timely payments. I realize 700 might be considered high, but in my experience, it’s worth holding out for. My husband has rented to folks with lower scores and often has issues. I get many cases where one person has great credit/income but their partner has very poor credit/income. I call prior landlords as references. You need to have them authorize you in writing typically for employer verification, but getting recent paystubs/bank statements suffices for me.” Pamela W.

2. Communicate effectively

Good communication is key to being a good landlord. Be available to your tenants when they need to reach you, and respond to their messages and inquiries in a timely and professional manner.

It’s also important to set clear expectations for your tenants right off the bat, such as rent payment deadlines, maintenance responsibilities, and any rules or regulations that must be followed. Provide this information in writing, such as in a lease agreement, to avoid any future misunderstandings.

“There is software that you can buy to be able to track all the correspondence between you and tenant.  You could get a general CRM or go for one that is specific to real estate like Buildium or can use RentRedi which BP offers with the Pro and above plans.  These allow you to track communications with tenants.” Randy R.

3. Maintain the property

Keep the property in good condition, and promptly address any maintenance issues or repairs that arise. Regularly inspect the property to ensure that it is safe and habitable for your tenants. Take proactive steps to prevent problems before they arise, such as conducting regular maintenance checks, providing pest control services, and addressing any safety concerns. Tenants appreciate landlords who are invested in keeping the property in working order, and will ideally show their appreciation by treating your property with care.

“My wife and I started out self-managing all of our properties. When we hit ten she tapped out and refused to have any dealing with real estate. Fast forward, I own a property management company and have my business manage the properties. I normally tell people to really start considering a PM between 5 – 10 properties, if not sooner.” Adam B.

4. Be fair and consistent

Treat all tenants equally and fairly, and apply your rental policies consistently across all tenants. Be transparent about any policies, fees, or charges, and avoid surprises or hidden fees.

Listen to your tenants’ concerns and address any issues promptly and professionally. Be respectful and understanding of their needs, and work with them to find mutually agreeable solutions.

“You cannot refuse to rent to someone for the following reasons: Race, Color, Sex (gender), Religion, National origin, Disability, Source of income (public assistance), Familial status (children under 18 with parent, pregnancy), Sex orientation, Gender identity. You can refuse to rent to someone for any other reason or no reason at all.” Kelly S.

5. Stay up to date with landlord-tenant laws

Stay informed about the latest landlord-tenant laws and regulations in your area, and ensure that you are complying with all legal requirements. Landlords should fully understand important regulations, such as The Fair Housing Act, rent control laws, or eviction laws, to ensure you avoid any potential future legal disputes.

“Google City State landlord tenant laws and also, if applicable, City State HOA laws. Pay attention to the dates of the choices, but typically the top few results will give you a pretty clear picture. Laws can change yearly, so ANY source needs to be updated. As a PM, part of our required continuing education includes annual “Legislative Updates” on all RE related pending or passed laws. Additionally, our preferred Attorney’s typically also provide a summary of legal updates to our company annually.” Richard F.

By following these tips, you can build a positive relationship with your tenants and create a comfortable and welcoming living environment in your rental property.