Being a good landlord is crucial when it comes to renting out your property. You’ll retain long-term tenants, attract better occupants, have a steady income stream, build a strong tenant-landlord relationship, and enhance your reputation by word of mouth or through online reviews.
In order to become a good landlord, there are several key qualities that you must possess:
- Organized
Staying organized is an essential quality that every good landlord should have. As a landlord, it’s important to have a system that allows you to effectively keep track of rental payments, contracts, and the like. You also need to keep up with property maintenance, including repairs, utilities, and maintaining common areas (if any).
- Honest and trustworthy
Tenants value an honest landlord, especially those that are transparent about the rental property and any issues it may have. Being upfront about, say, maintenance problems, cell phone reception, and temperature fluctuations show the tenant that you have nothing to hide.
- Strong communication skills
Whether it’s being clear on when the rent is due or resolving an issue with a tenant, effective communication is key. A good landlord should keep the lines of communication open to maintain a harmonious relationship with their tenants. Having strong communication skills also means responding to tenants’ calls, texts, or emails right away. Being responsive and accessible is important as well.
- Reliable
In order for tenants to trust you as a landlord, you need to show that you can be relied on. This includes being reachable when your tenant has an emergency or an issue with the property that needs to resolved right away. You can also show your tenants you’re reliable by fulfilling your obligations as a landlord and following through on commitments. Avoid making promises you can’t keep.
- Flexible
Being flexible is one quality that every landlord should have. A good landlord understands that situations beyond the tenant’s control may arise and cause them to fall behind on payments. Giving the tenant extra time to make rent under difficult circumstances shows that you care about their well being.
While a good landlord is flexible, they should also know when to remain firm. Enforce rules fairly and consistently. Don’t ignore infractions or allow tenants to talk you out of things. If you let things slip, your tenant is likely do it again.
- Intuitive
A good landlord can sense potential problems early on. Once you spot a brewing issue, nip it in the bud. Whether it involves tenants or maintenance, dealing with it immediately can prevent bigger problems from occurring in the future.
- Professional
And lastly, a good landlord stays professional at all times. This includes understanding and respecting your tenants’ boundaries and giving them the privacy and space that they need.
Being professional comes in handy in the event of a tenant complaint or disagreement. A good landlord knows how to handle issues in a reasonable, calm, and objective manner.
Are you planning to invest in West Los Angeles real estate? Feel free to get in touch with me, Sasha Rahban, at 310.963.9680. You may also send me a message here.
