9 Qualities To Be a Good Landlord

1
9 Qualities To Be a Good Landlord
2
To be a good landlord, you have to be on your
toes. As a landlord, you have to understand the
tenants and their needs. You will be considered
a good tenant only if you communicate openly with
tenants. Being a landlord might seem easy because
you just need to buy an investment property. But
what might seem a challenge is performing all
the duties as a landlord. As a landlord you will
have to take care of a lot of things such as
collecting monthly rent, addressing issues,
acting immediately on emergencies and so on.
Because there are a lot of legalities involved,
maximum landlords prefer hiring a professional
property manager. The property managers are real
estate agents or leasing agent who act as a
middle-man between you (landlord) and your
tenants. Property managers once hired will take
off all your burden. They are the ones who manage
everything related to your investment property.
But does that mean that you no longer are a
landlord? Absolutely not. Even if you hire the
services of a property management company, you
will still need to be aware of the process. At
times, you might have to answer questions, you
will have to act immediately during emergencies
and deal with other things. It goes without
saying that a good landlord is someone who every
renter would hope for whether they deal with the
landlord privately or through the assistance of
a property manager. From good communication to
being prompt on issues and repairs, it comes down
to pretty straightforward qualities to be a good
landlord. Before we discuss what makes a good
landlord, let us see who are which two camps bad
landlords fall into Not available or impossible
to contact. Those who never tell you what is
wrong and the ones you never hear from. So, it
makes sense that a good landlord will tread
through the sloppy waters, tricky tightrope of
communication and is available to help if
something goes wrong. Apart from this, here are
some other qualities that a person must possess
to become a great landlord.
3
A Great Communicator
A landlord must be a good communicator, who will
typically use a real estate or leasing agent as a
middle-man. They will be quick to answer
questions, really quick to act during
emergencies as already discussed above.
4
Clear Documentation
A good landlord asks tenants to sign lease and
some documents. Everything must be in written
form to ensure that everyone is on the same page.
5
Stay on the Top of Maintenance This issue can be
a massive one for tenants. A good landlord not
only makes sure their property is tidy and
well-presented instead they must be quick to
repair and maintain it if anything goes
wrong. Great Customer Service Yes, you heard it
right, a good landlord will give good customer
service. Because a good landlord knows he is a
service provider, he shall look into the matter,
keep tenants happy, repeat and then generate
profits. Landlords who view their property
leasing as a business transaction are less likely
to let their emotions govern their decisions.
6
Be Open and Transparent with Previous Issues
A good landlord operates with transparency. We
can also call this honesty because a landlord
knows everything about the property that the
tenant might not know. In case there are past
issues of pests, plumbing or electricity, you
must know it before moving in. A good landlord
will not cover up any of the issues but inform
tenants in advance so that they can work
together in case any issue arises.
7
Be Reasonable with Requests
A good landlord will be fair and reasonable. He
will know the difference between normal wear and
tear and the massive damage, if any, to the
property. Reasonable landlords will have sensible
requests from their tenants. They will make sure
the experience of their tenants living on the
property is more pleasant.
8
Maintain Respectable Distance
A good landlord will keep a respectful distance.
The last thing any renter wants is to have their
landlord always looking over their shoulder
every minute of the day and scrutinizing them.
The landlords who do not dop in every few minutes
and allow the property manager to do their job
will prove to be a good one.
9
Provide Flexibility When Needed
Tenants cannot expect charity or pay their rent
late. Renting is, after all, a business
agreement. But it is also a bit of human
compassion and understanding in the hard times
from landlord.
10
Build Trust with Your Tenant
A good landlord must trust their tenants to do
the right thing unless they do something which
creates distrust. Trust between the landlord and
tenants is of utmost importance. Without that
neither the tenant will be able to live in peace
nor will the landlord (you). If you own a rental
property, it is important for you as a landlord
to have the above virtues. After all, you would
neither want to be ridiculed by the tenants nor
would you want to earn bad reviews. Either of
them will affect your reputation and ultimately
profits. So, follow the above virtues but at the
same time, do not forget to employ the services
of a property manager. For that contact the best
real estate management company viz., Freedom
Realtors.
11
GET IN TOUCH
1 Raphael St, Hallam VIC 3803 047 637
2002 rentals_at_freedomrealtors.com.au Content
Resource https//freedomrealtors.com.au/9-qualiti
es-to-be-a-good-landlord/
12
(No Transcript)