How You Can Become A Better Landlord For Your Tenants
While being a landlord is now seen as a way of achieving financial independence, there is one thing you need to consider; how much people are against landlords. Generally speaking, it’s the tenants, whether it’s a business or a home; the idea of property managers and landlords swooping up land that could have been purchased does (rightfully so) rub people the wrong way.
Author:Frazer PughReviewer:Karan EmeryJun 13, 202323.6K Shares455.6K Views
While being a landlord is now seen as a way of achieving financial independence, there is one thing you need to consider; how much people are against landlords. Generally speaking, it’s the tenants, whether it’s a business or a home; the idea of property managers and landlords swooping up land that could have been purchased does (rightfully so) rub people the wrong way. You can think about the showBob’s Burger; for instance, the landlord, Mr. Fishoeder, owns nearly all the property, so he can choose the rent.
You’ll even see on TikTok that people show off their life as a landlord and will display that they only make money or they only pay their mortgage with this means. Now, with that said, as a landlord, what can you do to make life easier for your tenants? Fortunately, there are ways to keep reading on to find out more.
Start By Being Honest
It is important for landlords to be honest with their tenants. For example, if a tenant is struggling to pay rent on time, it would be best to discuss this with them rather than hiding it and then getting caught. Additionally, if a tenant has a criminal record that might show up on a background check, it is a good idea to be upfront about it.
Being honest also means being fair when it comes to enforcing rules and policies. For example, if a tenant violates the lease agreement by having an unauthorized pet, it is unfair to deny them access to their home simply because they didn’t disclose the animal prior to moving in. Instead, it is better to remind them of the terms of their lease and provide them with helpful resources. A lot of landlords are far from honest, so why not make a change?
Try to Be Flexible
A landlord needs to be flexible to work with tenants in difficult situations. For example, if a tenant is struggling to pay their rent due to job loss, you may want to offer them a break on their lease or waive move-out fees. This can give them time to rearrange their financial situation and keep their apartment while being respectful of your rules regarding late payments.
Being flexible also involves listening to your tenants when they call about problems like a broken dishwasher or a light that is always on in their bedroom. Returning calls quickly, even if it’s not something you can fix immediately, shows your tenants that you care about their comfort and security.
Respect Goes a Long Way
For some people, it can be challenging to show respect to their landlord because some landlords are mean, entitled, and do fearmongering tactics. Needless to say, you shouldn’t do that. Regardless of how close you are to your tenants, always remember that it’s a business relationship. Treating them with respect will make it much easier to work through issues with them. You need to show your respect for your tenants by being fair and firm when enforcing policies and not showing favoritism to certain tenants over others.
Responding to your tenant’s texts, emails, and phone calls promptly is a good way to earn their respect. Even if it’s something small, like an out-of-order light, they will appreciate that you care about their comfort in the home and are willing to fix the issue quickly. You also want to make being a landlord a more legitimate business, so you can do this by getting lease accounting softwareor even having your contracts look official.
Frazer Pugh
Author
Frazer Pugh is a distinguished expert in finance and business, boasting over 6 years of experience. Holding an MBA in Finance from Stanford University, Frazer's credentials underscore his authority and expertise in the field.
With a successful track record in executive roles and as a published author of influential articles on financial strategy, his insights are both deep and practical.
Beyond his professional life, Frazer is an avid traveler and culinary enthusiast, drawing inspiration from diverse cultures and cuisines.
His commitment to delivering trustworthy analysis and actionable advice reflects his dedication to shaping the world of finance and business, making a significant impact through his work.
Karan Emery
Reviewer
Karan Emery, an accomplished researcher and leader in health sciences, biotechnology, and pharmaceuticals, brings over two decades of experience to the table. Holding a Ph.D. in Pharmaceutical Sciences from Stanford University, Karan's credentials underscore her authority in the field.
With a track record of groundbreaking research and numerous peer-reviewed publications in prestigious journals, Karan's expertise is widely recognized in the scientific community.
Her writing style is characterized by its clarity and meticulous attention to detail, making complex scientific concepts accessible to a broad audience. Apart from her professional endeavors, Karan enjoys cooking, learning about different cultures and languages, watching documentaries, and visiting historical landmarks.
Committed to advancing knowledge and improving health outcomes, Karan Emery continues to make significant contributions to the fields of health, biotechnology, and pharmaceuticals.
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