If you are fortunate enough to one day be in a position where you own a home that you don’t live in, you could choose to rent that home out to others to enjoy. Not only is it an additional income, it’s a good way to build a nest egg for your future. The only problem with renting out homes to others is that you are now a landlord, and perhaps this was your goal! The impact of the pandemic has put a lot of uncertainty and worry in the property market, but it hasn’t killed it completely, especially not when there are still properties available.
Being good at being a landlord requires you to blend your business sense with a good personality. You know that people need a home, which is why they’re applying for yours, but you also know that this is a business deal. Yet, it’s vital that you find a balance in yourself so that you can attract good, tidy tenants who won’t wreck your house and will pay their rent on time. You’ll find that when you’re a good landlord, people will want to pay their rent on time and they will understand their responsibilities. You want to ensure that you offer excellent strata cleaning companies to keep the building clean, and you want to be the type of landlord that is known for their respectful behaviour. So, let’s take a look at other things you could be doing as a good landlord.
- Be fair. A good landlord is a fair landlord, so your tenancy agreements should be fair, too. You have to outline clearly the responsibilities of your tenants and the responsibilities that you have to them in the same agreement. Everything should be on paper and you and your tenant should go through it together before signing. If you ensure that your tenants are as clear as you are before signing, it means that there should be less of a conflict when an issue arises.
- Offer privacy. The worst landlords are those who show up at the door without notice. Yes, it’s your house but once you let it out to a group or a single tenant, you need to remember that it’s now their home to make their own. You have to ensure that you are a COVID-safe landlord at this time, too, and that means giving as much notice as possible to your building so that your tenants aren’t surprised.
- It’s a business. You are a landlord and you are charging rent for people to live in your building. This makes it a business, and you have to treat it as such. So, repairs and visits and alternative contact information should be relayed to your tenants. Any plans that are in place for building work and unexpected costs should be communicated clearly. You also want to deliver good customer service. That means responding to messages in a timely way, being polite and approachable and ensuring that you introduce yourself to your tenants. A gift hamper on moving in day doesn’t go amiss, either!
- Be effective. A boiler in trouble, a flooded basement, shingles flying off the roof – whatever the problem, be effective in your response to it. If a tenant has reported an issue, responding quickly with an action plan on how you are going to fix it is the smartest thing that you can do. The better you are to your tenants, the more you can rely on them to be good to you.