Sometimes landlords get a bit of bad press, but of course, this is just a stereotype and most landlords are fantastic.
1. Be a good communicator
Communication is key with being a great landlord. Often, a landlord will use a real estate or leasing agent to act as a property manager, and this ensures tenants are able to effectively connect with their landlord. When a tenant needs assistance with anything, a landlord should be easy to get in contact with, and be quick to act in an emergency. Alternatively, a good landlord will give the tenant peace when nothing is required. Although it’s nice to be able to get in contact with your tenants, it’s also important to give them some space.
2. Have the right documentation
Although we want to be able to make agreements between tenants and landlords verbally, it’s important to have all of the right documentation and have everything set out in writing. Having an official lease and any supporting documents all ready and in writing is the best way to ensure everyone is on the same page and understand their rights and responsibilities.
3. Maintaining the property
Providing a property in good condition will definitely get you in the good books. A property that requires maintenance or repairs should be fixed as soon as possible. Providing a substandard property for your tenants certainly won’t go down very well.
4. Provide great customer service
Having an investment property should be viewed like running a business. By understanding it in this way, you can ensure that any emotions with the property stay clear out of the picture. This enables you to focus on what is happening with the property, the tenants and any spendings that must be completed in a business-like manor. By viewing it in this light, you’ll be able to review the property and anything that happens like a business transaction. This is an ideal way to view a property before purchasing it if it is purely for investment purposes.
5. Be honest
Has there been any issues with the property in the past? Have there been any known issues with pests, mould or plumbing? Some landlords will try and cover up these issues in order to get tenants to live in the property quickly and easily, but if any issues arise once again, this is only going to make you look bad as a landlord. By being honest with any of these issues, you and your tenants will be able to act quickly should any of these issues arise again.
6. Have some trust in your tenants
It may be easy to quickly point the finger at a tenant if something breaks or goes missing, but you should try and be a little bit flexible; trust your tenants until they give you a reason not to trust them. By having faith that your tenants are going to try and do right by you, you’ll be able to have a better relationship with them. With this kind of relationship, too, you may find that your tenants are more willing to put up with anything that might happen down the track, like repairs or maintenance that is required. A tenant - landlord quid pro quo if you will!
7. Provide some freebies
We all know how hectic it can be to move into a new place and we often forget some of the essentials at our old home. Instead, you can provide a welcome basket for your new tenants to not only make them feel warm, but also help them get out of trouble should they forget anything. Include things like toilet paper, toothpaste, coffee, tea or even little portions of long life milk. These little items don’t cost much and are the perfect little welcoming gift.
8. Get insured
Part of being a great landlord is being appropriately prepared. Anything can happen when you own a property that is being leased and although we hope it never happens, it’s important to be prepared for the worst. By being correctly insured with landlord insurance, in the event that something happens to your property, you will know that you’re covered. Some insurance policies can help to cover lost income whilst repairs or maintenance are underway, so it’s well worth shopping around and looking for a good insurance policy to help you with your investment needs. Keep up to date with all State and Federal Government policies regarding investment properties as well.
It doesn’t take very much to be a great landlord and often, it’s just a little courtesy and a friendly approach to handling any issues with the property. By following a few of these steps, you’ll be well on the way to being thought of as being a great landlord. And of course, contact us if you’re thinking of building the perfect investment home.