6 Tips for Being an Amazing Landlord (Who Tenants Love)
It’s not a well-kept secret that many people have a disdain for landlords. And, to be honest, can you blame them? Landlords in our industry have been known to do some pretty questionable things over the years. As a result, they’ve damaged our collective reputation and created challenges that must be overcome.
But just because one landlord did something shady doesn’t mean you have to be defined by their actions. There are plenty of incredible landlords in our industry who are honest, trustworthy, kind, and fair.
Here’s how you can make sure you join their ranks:
- Know Your Goals
You can’t be a good landlord if you don’t understand yourself. Spend some time examining why you’re a landlord and what your goals are. This puts everything into perspective and helps you align your short-term priorities.
- Thoroughly Screen Tenants
It’s hard to be a good landlord if all of your energy is consumed by problem tenants who don’t respect your property or pay on time. To avoid issues like these, we recommend thoroughly screening tenants.
If you don’t have the time, skill, or resources to screen tenants, hiring a professional property management company is the way to go. For a very reasonable fee, they’ll handle tenant screening and the other day-to-day management tasks that come with being a landlord. This frees you up to grow your business and invest in relationships.
- Keep it Professional…
Speaking of relationships, keep them professional. You’re running a business, not a social club. It’s okay to be cordial and friendly, but these aren’t your drinking buddies. Draw a clear line in the sand and don’t cross it.
- …But Offer a Warm Welcome
Even as a professional landlord, there’s still room to show your tenants that you care about them in a kind and warm way. One way to do this is by presenting a welcome package on move-in day.
A good welcome package doesn’t have to be expensive. It’s about quality over quantity/price. Something like a bottle of wine, a gift card to a local restaurant, and a few rolls of toilet paper is a nice touch.
- Don’t Let Maintenance Issues Linger
When there’s a maintenance issue, it’s important that you deal with it right away. Not only does this protect your property from additional damage and deterioration, but it also shows the tenant that you care about them. In this sense, your response time matters. It should take hours for a problem to be resolved – not days or weeks. If something can’t be solved quickly, keep the tenant in the loop.
- Follow the Golden Rule
At the end of the day, the key to being an amazing landlord comes down to one simple idea: Treat others like you’d like them to treat you. If you do this, people will like you. Even more than that, they’ll respect you. And when you do occasionally mess up or have to crack the proverbial whip, they’ll give you the benefit of the doubt.
Treating others like you’d want to be treated doesn’t mean you have to be “fake nice” all the time. It’s not about smiling and saying everything is alright all the time. It’s about being honest. When people feel like you’re treating them with fairness, they respond well. Transparency doesn’t always feel good, but it’s appreciated.
The real power of the golden rule comes when you perfect the art of empathy. When a tenant brings up a problem or issue, it’s not your job to be sympathetic. (Which means letting them off the hook.) It is your job, however, to be empathetic.
What’s the difference, you might ask?
“Empathy is feeling with the person, it’s climbing down the hole to sit beside them, making yourself vulnerable to sincerely connect with them,” communication expert Becka Borody explains. “The empathetic person will recognize the person’s struggle without minimizing it.”
You don’t become empathetic overnight. Practice makes perfect – so work on continuously refining your skills in this area.
Adding it All Up
Being an amazing landlord doesn’t require a degree in rocket science. You don’t even need years of experience under your belt. All it takes is a willingness to do things right and treat people with respect. And if you follow the tips outlined in this article, you won’t have any trouble getting your tenants to like and trust you. In that sense, it’s quite easy to be an amazing landlord.
