Top Things That Make You A Good Landlord

When you are managing a building of tenants and their tenancies, you have a lot on your plate. Not only do you need to ensure that the people living there are paying their rent on time, but you have to ensure that your building is up to scratch in the first place. Being a landlord is not the easiest thing to be, but it’s one of the most important jobs if you are managing properties in a multi occupational complex.

Good landlords are worth their weight in gold, and the reason for that is because you can’t very much find good landlords anymore. In fact, in the rental crisis and the buying crisis, it’s hard to find any good landlords at all. So it pays to ensure that you are the best possible landlord that you can be. From investing in good building automation and control systems to ensuring that the building is secure, there is plenty that you can do to be good at property management. Even if you have a property manager running the building for you, here are the things that will make you a good landlord.

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• You need to be able to communicate. A good landlord is somebody who communicates effectively with tenants, but that doesn’t mean you have to be the first person to reach out. In fact, most tenants like to enjoy their homes quietly, and that means that you can avoid any communication until it’s necessary. When something does come up, such as a repair or something wrong with the building, that’s when you need to communicate. If somebody messages you, a quick response is always appreciated. Good landlords are good communicators.

• Be clear about documentation. As a landlord, you need to ensure that you are on top of the lease agreements that you have people sign in your building. If you are not on top of these agreements, you will find that people largely don’t have any knowledge of whether or not their tenancies are safe or their rights are adhered to. You need to make sure that all tenants have signed a lease agreement and these lease agreements have been looked at and witnessed by a lawyer. You want to ensure that you get this right.

• Don’t leave issues too long. Maintenance for a building can be costly and expensive, and that’s a risk you take as a landlord. Remember that these properties are your investment and investments don’t always go smoothly. If there are issues happening with maintenance in the building, you need to be. Of those issues, as soon as you can be.If you don’t sell top of the maintenance, then you will find yourself at the wrong end of a lawsuit.

• Be transparent. A good landlord is always open and honest with any past issues that he has with the building. In fact, if you know that there have been past issues with the building, getting them fixed before you move somebody else in, it’s just good sense.