We all have had to deal with bad landlords, right? A bad landlord is difficult to deal with. To spot one, just ask them to fix something, or give you a day to pay the rent. It is hard to be a good landlord sometimes. That is why a landlord makes or breaks their own business.
In this article, we will discuss the characteristics which define a good landlord. If you are in the rental property business then this article is for you. So what does it take to be a good landlord?
Having Only Good Tenants
In the same sense, to be a good landlord, you need to rent to good tenants. Lets face the music, If the tenants are bad and do not follow the rules, you will have to become a bad landlord. At least in their eyes anyway. In the case of bad tenants, you have to protect your investment. Getting rid of the ones destroying your property makes you a good landlord to the other tenants.
With bad tenants, it is hard to be a good landlord to these kinds of people. No matter what you do, they will still call you a bad landlord. The only way to become a good landlord to these people is to let them stay for free. So rent your property out to only good tenants and put the extra headache behind you.
Now that we have surrounded ourselves with good tenants, we now have to take care of the tenants needs. The only way to do that is to always be available. When they report a problem, be there before the end of the next day. Tenants are more willing to pay rent on time if there is nothing to complain about.
The shoe being on the other foot, wouldn’t you want to have a landlord there when you need them? That is best said by the golden rule, “treat everyone as you would have them treat you.” If you take care of them, they will take care of you. If the tenant is falling a little behind on their rent, offer to let them do some work for you to make it up. A little mercy goes a long way in this business.
Being Firm But Fair
Sometimes a landlord has to stand their ground. That does not make you a bad landlord, that makes you the property owner. Be firm, but be fair. If you know they cannot meet the expectations, it is okay to show fairness and lower the bar a notch. By doing so, you show your willingness to work with the tenants.
Have you ever heard the term, “you get more flies with honey than with vinegar”? That has always been the saying of a good landlord. If you do right by your tenants, they will do what is right. Though if you do them wrong, they will in turn do you wrong. It is what you call a tit-for-tat type situation.
Being a good landlord takes know-how. Some people do not have what it takes, but no landlord enters the business as the best landlord straight away. It takes time, but we are sure you can do it. Following this simple guide is a good start.
Elie Hirschfeld is a NY real estate developer.