Even the most desirable rental property won’t do you any good in the absence of dependable tenants. Tenants who are able to pay rent in a timely manner, keep their homes in good condition and avoid conflict with their fellow renters can be a boon to any landlord. Tenants who are able to pay rent online in a timely manner, keep their homes in good condition and avoid conflict with their fellow renters can be a boon to any landlord. Unfortunately, when it comes to maintaining friendly relationships with tenants, many first-time property owners find themselves hindered by a variety of rookie mistakes. Fledgling property owners looking for ways to stay on good terms with their tenants can benefit from the following tips.
Take the Time to Screen All Rental Applicants
Screening all rental applicants is among the most effective ways to avoid having to deal with problematic tenants. So, when vetting applications, make sure to confirm that applicants make enough income to afford rent. In fact, many landlords require prospective tenants to make thrice the cost of rent or to have a cosigner who does. Secondly, make sure to run credit checks on applicants. Although few people can boast flawless credit, individuals whose credit histories are extremely messy generally aren’t the safest tenants to take on. You should also contact every reference a prospective renter lists on their application, as many people bank on landlords not taking the time to follow up with references – and they’re often right. Furthermore, dependable rental registration software is liable to come in handy throughout this process.
You should also advise all tenants to invest in renters insurance, as a good renters policy can prove helpful in a wide variety of situations. By the same token, you’ll need to find a reliable landlord insurance policy, since homeowners insurance can’t be applied to rental properties.
Make Yourself Reachable
No one relishes renting from a landlord with whom they’re unable to get in touch. After all, few things are more frustrating than experiencing a maintenance emergency and not being able to reach your landlord. With this in mind, make yourself available to tenants and make sure that each one of them knows how to reach you. In addition, if you maintain an office onsite, keeping designated open-door hours will provide tenants with a convenient window in which to interact with you in person.
Respond to Maintenance Concerns in a Timely Manner
Placing maintenance concerns on the backburner is among the foremost signs of a bad landlord. For one thing, ignoring maintenance issues stands to cost you a fair amount of money. The longer small problems are allowed to linger, the more likely they are to become bigger – and more expensive to repair. So, whenever a tenant contacts you about a maintenance issue – whether it pertains to electricity, plumbing or any other area – send someone to diagnose and repair the problem ASAP. This isn’t to say that every maintenance issue warrants the same level of concern, but the sooner you address problems, the sooner they’ll be off your plate – and the happier your tenants will be.
Don’t Be a Pushover
While you should always seek to maintain friendly relationships with your renters, you shouldn’t allow yourself to become a pushover. At the end of the day, these are business relationships, not deep friendships. Although there’s nothing inherently wrong with becoming friends with tenants, doing so is liable to place you in an awkward position. For example, if someone is unable to make rent, they may not view it as a big deal if they’ve come to view your relationship in a non-business light. Furthermore, if a renter you’ve come to regard as a friend regularly engages in noise pollution or causes problems for other tenants, you may find it difficult to talk to them about their behavior.
Hire a Dependable Property Manager
If you have a day job that’s wholly separate from rental property ownership, you can benefit from hiring a dependable property manager. This is particularly recommended for people who own multiple properties, as well as apartment buildings and complexes. In essence, this person will act as your stand-in by overseeing maintenance, addressing tenant concerns and collecting and processing rental payments.
Without reliable tenants, even the most desirable rental property is essentially worthless. Unsurprisingly, not many people are champing at the bit to rent from a landlord who’s unapproachable, inattentive to their needs or generally undependable. That being the case, it’s in the best interest of every landlord to maintain friendly relationships with tenants. So, if this is your first foray into rental property ownership, taking the measures discussed above can help ensure that you and your renters get off on the right foot.
