Purchasing rental homes is a tried-and-true investment strategy that provides passive income while providing you the option to sell when the time is right. In this line of business, your success will depend on your ability to attract and retain high-quality tenants.
But to retain good tenants, you must be a good landlord. Trust is a two-way street after all. We have rounded up some tips to help you stay on your tenants’ good side and be a dependable landlord.
Take Complaints Seriously: A wise landlord will listen to a tenant’s concern and look for ways to address it. If tenant disputes arise, you can act as a mediator to help promote a peaceful and safe environment. Noise complaints, for one, can often be settled with a warning.
Respect Tenants’ Privacy: In many states, a landlord is required to give tenants 24 to 48 hours’ notice before entering the property, save for an emergency. If you are showing a property with tenants inside, be considerate about their schedule and tactful in your approach as they may have the right to refuse viewings.
Be Responsive: Quick responses to maintenance and repair requests are a top priority for tenants. Because maintenance jobs can be a major stressor for both parties, it is important to have in place a system that keeps you notified when a request is submitted. There are many apps out there that allow landlords and tenants to track repair progress and communicate in real time, such as Avail and Buildium.
Know Your Rights and Obligations: Make sure to familiarize yourself with the laws that govern landlord-tenant relationships. In general, landlords are required to provide a fair and safe housing environment, properly maintain the property, carefully manage security deposits, and provide notice before raising rent or entering the premises.
Would you like to speak with a member of the RLG team to discuss the value of your current investment real estate portfolio and determine areas for improvement? Give us a call today! We would love to help you with the properties you currently have and multiply your investment portfolio.