As a landlord, you are running a business. Your business is in providing lodging to tenants at a reasonable price where you can make money, and you have the finances for upkeep in your building or buildings. Tenant retention is your goal, and to keep your apartments filled with loyal renters, here is how to be a great landlord.
When things break for your tenants, they must suffer until you get around to getting it fixed. If you want to keep tenants happy, and happy tenants make sure they pay their rent on time, as soon as something breaks, fix it. The sooner you make repairs, the happier everyone will be and you will save yourself a lot of heated phone calls and interactions.
Have the number for a reputable handyman at your disposal so that as soon as something needs fixing, you can give work to someone who will fix things right the first time. Form a good professional relationship with a good handyman, and your tenants will stick around.
Make Apartments Comfortable
Comfort can get anyone to want to stay your tenant and pay a price that is worth it. Making upgrades to apartments so there is adequate heating and cooling, safety, and modern appliances is all worth it for you in the long run. This can look like central air, dishwashers, and hookups for WiFi and cable.
For safety, security doors are great to install so that tenants don’t feel cooped up. Security doors allow for the main door to remain open and a screen door to remain closed to let in fresh air, more light, and allow tenants to have a great view out of the front of their home where they can see who and what is around.
The best landlord is one who is always present and knows the names and faces of their tenants. The more tenants get to know you, the more they will come to trust you and give you some extra space and time if you are falling behind on certain things. Having a personal relationship with your renters can go a long way in keeping everyone happy and respectful of each other.
Rent to Good People
You are in charge of who rents your apartments, so choose wisely. Don’t be hesitant to vet prospective renters by having them go through an interview process and doing background checks and financial checks. The higher quality your tenant, the easier it is going to be for you.
Quality tenants will take care of the space, communicate with you effectively, and pay their rent on time. When a tenant does what they are supposed to do, it allows you to do your job, and when everyone is participating accordingly, a harmonious living situation will arise for tenants as a harmonious business situation arises for you.
The more effort you put in to set the precedent in your building, the better a landlord you will be and the easier it will be for you to find good tenants who are going to make being a landlord a pleasure.