7 ways you can be a great landlord
Understand how to be a great landlord and build long-lasting relationships with your tenants. Retaining your tenants for longer takes the hassle out of finding someone new to rent your property.
Remaining on good terms is a win-win situation as your tenants will be happier and you’ll be less stressed. Content tenants are more likely to pay their rent in time and there’s also a greater chance that they’ll accept a rent increase. Find a house for sale on GotProperty and become a landlord.
1. Adapt the lease
Rather than using a generic lease, make the necessary changes to ensure that your tenant has a clear understanding of what the rules of your property are. Use as much detail as possible to avoid misunderstandings. A detailed lease ensures that your tenants know what to expect right from the start so that you avoid any tension further down the line.
Don’t forget to make sure that you’re upholding the rights of tenants in South Africa when you’re compiling this document. Include the rent, deposit, regulations for pets, late payment expenses, and maintenance responsibilities. It’s in your best interests to set the lease end date for a time of year when there is the highest availability of prospective new tenants.
2. Be professional
Treat renting out your property like a business. This means that you need to take a professional approach towards dealing with your tenants. It’s helpful to set a percentage of the rent aside each month to spend on repairs as required. If you’re going away on holiday, you’ll need to notify your tenants and provide them with another contact number if they need assistance.
Make sure your appearance is neat and tidy when you meet with your tenants, especially when you’re first getting to know each other. Offer your tenants a concise service and always follow the lease guidelines.
3. Complete repairs on time
If you want to be a great landlord, make sure that you get the repairs done promptly. When there are emergency repairs to be done, get over there as soon as possible. For less urgent matters, set up a time to look at the damage that suits both you and your tenant.
While you’ll want to take your budget into consideration, don’t choose the cheapest service providers to fix the problem. Rather select someone who will do a good job so that you spare your tenant from further hassles and save yourself money in the long run.
4. Practice clear communication
Clear communication is vital when you’re dealing with tenants. While you don’t want your tenant pestering you late at night, they should be able to get hold of you in an emergency. Responding to their messages timeously also helps to develop a good relationship. You can consider giving them your email address as well as your phone number.
5. Set a reasonable rent
Make sure that you set a rent that’s fair for both you and your tenant. Review the rental rates in your area by looking at advertisements online. By setting a fair rent, you’re more likely to retain your tenants instead of losing them to a better offer. Allowing electronic rental payments also makes the process easier.
6. Remain calm
If you do get into a disagreement with your tenant, stay calm. Try and get your point of view across in a polite and clear manner. Give them a chance to express their perspective and make sure that you listen to them properly. You may decide to resolve the disagreement with a compromise or to go your separate ways on good terms.
7. Respect their privacy
Be a good landlord by respecting the privacy of your tenants. Make sure that you give them notice before you pay them a visit to ensure that it is a convenient time for them. It’s not okay to go over to the property without their permission when they’re not at home.
Now that you know how to be a great landlord, you can buy a house and rent it out. Looking for affordable property? Find houses for sale on GotProperty today.