The average landlord makes more than $71,000 per year, according to Zip Recruiter. However, a typical renter only stays put for between 2.5 and 3 years. As a landlord, this means constantly having to find good tenants and you may even miss out on income between tenancies. This is why it’s important to keep hold of your tenants for as long as possible. These tips will help you become a great landlord that tenants won’t want to leave.
Deal With Maintenance Issues Straight Away
Common maintenance issues in rental properties include water leaks, blocked toilets, faulty water heaters, and broken garbage disposals. Issues like these need fixing straight away, otherwise, your tenants will be impacted and they’ll be annoyed and frustrated. In some states, landlords have 3 to 7 days to fix serious issues. But it’s best to get to work on them as soon as they’re reported to you. This will show your tenants that you appreciate them and that you want to provide them with the best accommodation possible.
Learn How to Handle Difficult Tenants
Unfortunately, not all tenants are going to be easy to deal with. They may have unreasonable demands or they may even cause damage to your property. Therefore, learning how to deal with bad tenants should be a top priority for landlords. Firstly, it’s important to remain calm and professional at all times. Listen to their concerns and try to find a solution that works for both parties. If the situation becomes too intense, you may need to involve a professional mediator to help resolve the issues. Working with a professional property management company may also help to alleviate some of the stress and difficult situations that come with managing tenants including collecting rent, dealing with complaints, and enforcing lease agreements.
Proactively Deal With Pests
Pests regularly appear in properties. The U.S. Census reports that 14 million U.S. houses have reported seeing pests in their home. The pests most frequently seen are rodents, cockroaches, and insects. Renters are almost 2 times more likely to spot a cockroach in their home than owners. No one wants to live in a property with pests, so it’s your job as a landlord to deal with them quickly. A professional pest control company should be called in to remove all pests from your property. You should also do all you can to prevent any further pests from getting in. For example, regular property inspections will help you identify any entry points, such as a crack in the foundations, that could give pests entry.
Be Flexible With The Rules
To become a successful landlord, you need to be open and honest with your tenants. You also need to be flexible. You might have decided that you won’t allow pets to live in your property. 70% of households in the U.S. have pets, so you’ll be excluding a lot of potential tenants with this rule. Instead, take each tenant and their pet on a case-by-case basis. See if you can speak to your prospective tenant’s previous landlord about their pet. It’s even worth meeting the pet before you give a definitive “yes” or “no”. Other rules that you could be flexible with include payment options and payment dates. You could even offer a long-term tenancy for a fixed amount. This will give you peace of mind that your property will be occupied for the next few years. Your tenant will also be protected from annual rent increases for a set period.
There are lots of things that landlords do (or don’t do) that send tenants running. Make sure you’re not like these landlords by following these tips instead. They’ll help you become a respected and successful landlord and you’ll keep your tenants for longer too.
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