4 Ways to Be a Good Landlord Without Sacrificing Profit

4 Ways to Be a Good Landlord Without Sacrificing Profit

Landlords do not have it easy. For them, a massive part of finding stability in the housing market is working out the right balance between the abundance of bills, purchases, and rent. It is hard to determine what is fair to charge, and, as a landlord, increasing your cash flow without doing the same to your tenant’s rent can be even more challenging.

But making lots of money from your properties is not the only thing that you should focus on. Once you have taken a serious look at the reality of rental ownership, you may realize that there is much more to it besides financial success. Being a good landlord also means being able to properly manage your rental property while simultaneously remembering how important it is to always consider the needs of your tenants.

That is why you should always aim to closely follow all the guidelines included in your rental lease, stay calm and courteous when handling any problems, and try to be accessible. Now, continue reading to learn more on this subject!

Stick to the Guidelines in Your Rental Lease

In a perfect world, tenants and landlords would always be able to quickly work out any issues. Unfortunately, life is not perfect, and if any disputes happen, you should always follow the guidelines in your rental lease in order to avoid any additional issues.

In case you encounter something that was not mentioned in the lease, keep in mind that you can always ask a legal advisor for advice. Another idea is to go online and look for forums and social media groups for local landlords to check what others have to say. This is a good way to ensure that, should your tenants have any objections, you did everything right and followed the proper guidelines or did something that all other landlords would do, too.

If, besides being a landlord, you are also a real estate investor who follows the BRRRR method, you might want to stay in close contact with a lawyer. Flipping properties and renting them for additional income is a good idea, as long as you are doing it legally, and a lawyer will help you ensure just that.

Remain Calm When Handling Problems

Renting is not easy and may come with plenty of difficulties that might prevent your tenants from paying rent on time. One of the most recent examples includes the recent COVID-19 pandemic, which caused many people to suddenly find themselves without a job and steady income, making it impossible to make ends meet. As a landlord, you should keep in mind that while you are only human, and it is perfectly normal to get frustrated when faced with major problems like this, you should always remain professional and calm.

Besides local laws that prevent landlords from threatening their tenants or breaking their renter rights, being polite and patient can also go a long way. Of course, some renters might try to take advantage of your calm personality, so you should also reduce the chances of getting into a complex legal situation by referring back to your rental lease or staying in contact with other landlords to learn from their experiences.

Be Accessible

As a landlord, you also want to establish a strong and trusting relationship with your tenant. One way to do this is to be easily accessible if something unexpected happens. The light might suddenly go out around the whole block and your tenant may be unsure what to do, or a washing machine can break and leak water all over the bathroom.

If possible, provide your tenants with multiple ways to contact you. These can range from a phone number to email or even property management software if you have multiple properties to take care of. On top of that, if you are not a jack-of-all-trades, you should be in contact with some who can fix broken things for your tenants so no one will be left without a working washing machine for weeks at a time.

Store Your Documents Electronically

If you take being a landlord seriously and want to avoid getting buried under tons of papers, you should choose to store your important paperwork electronically. This will allow you to keep everything in one place and organize it in a more efficient way.

For example, in most cases, you probably will not need to access documents such as rental lease agreements, maintenance tickets, or payment records that often. However, you might need them later, once the lease is nearing its end. In such a situation, you certainly would not want to lose any vital information. To avoid this scenario, you can keep everything in the cloud using solutions such as Dropbox or Google Drive and come up with your own way of keeping things organized.

In Conclusion

Being a landlord has always been a tough job, mostly due to the fact that working with people makes you more susceptible to getting into disagreements and increases the likelihood of you facing different issues or problems related to unexpected events.

Luckily, there are some things that you can do in order to ensure that you are a good landlord without sacrificing your bottom line. By sticking to the guidelines in your rental lease, remaining calm when handling any issues, being accessible, and storing your documents electronically, you will stay well organized and able to provide your tenants with good service as well as charge them fair rent. Follow all these tips and, soon enough, you should be well on your way to being the best landlord your tenants have ever had!