Life as a landlord can be challenging if you don’t earn your tenant’s trust and respect. By aiming to be the best landlord you can be, you will likely find the role more enjoyable and attract better tenants. Here are five qualities that all good landlords have in common – how many traits do you possess, and what areas do you need to work on?
1. Good landlords are inquisitive The best landlords know exactly the right questions to ask potential tenants. Highly inquisitive, with sharp minds, they genuinely enjoy getting to know people and have developed great intuition. This helps them to select reliable tenants to rent their property, and to avoid bad seeds. What’s more, they’re not afraid to ask the tough questions – although they always do this with the utmost respect and courtesy for all applicants.
2. Good landlords are reliable and trustworthy At first glance you might think, hang on a minute – aren’t tenants meant to be the reliable and trustworthy ones? But renting a property is a two-way street. There needs to be mutual trust between both parties. The more your tenant trusts you (and vice versa), the healthier your professional relationship will be, and the longer it will last. Finding tenants can be time-consuming and costly, so make sure you put effort into developing a solid relationship with your current occupants. This will minimise the risk of conflict (or of your tenants paying you late!).
3. Good landlords are excellent communicators Problems often arise when landlords and tenants stop communicating regularly. Good landlords keep the lines of communication open throughout the entirety of the tenancy, not just in the beginning of the agreement. They check in regularly to make sure the property is in good condition, there’s no issues that need to be fixed, and that the tenant is comfortable and content. This helps to foster a sense of trust (as per point two) and has the added bonus of helping you stay on top of maintenance.
4. Good landlords are proactive When it comes to property, there’s always the risk that something might go wrong unexpectedly. A pipe could burst, a window could break, the shower could stop working. Whatever the trouble, it’s important that your tenants can trust you to fix the problem quickly and to your best ability. If you take too long to respond, this could lead to resentment, conflict and ultimately to the tenant leaving or potentially even taking legal action. If for some reason you can’t respond to the problem quickly, try to arrange someone else to respond on your behalf. It’s all about showing the tenant that you care and that you are working hard to resolve the issue.
5. Good landlords are highly organised Being a landlord requires a fair amount of paperwork. The best landlords are highly organised and don’t let the paperwork get on top of them. They aim to stay one step ahead of the game at all times. For example, they always have marketing material waiting in the wings in case their tenants decide to suddenly hand in their notice. Or, they schedule in things like rent reviews, contract reviews and property check-ups well in advance, so nothing is sprung on their tenants unexpectedly. Good time management skills are a must, and will reduce your chances of experiencing stress or conflict.
Learn more about property investment. Download our free guide to finding the best tenant for your rental: https://www.mypropertylife.com.au/property-investors-guide-to-finding-the-best-tenants