Great tenants gravitate toward great landlords. This is one of the factors that contributes to a successful rental investment. It therefore pays to know how to be an excellent landlord and grow your rental business.
Good landlords are generally mindful of the needs of their tenants. If you recently purchased new real estate and are thinking of turning it into a rental, you will find the following tips useful as a landlord:
1. Support Tenants During the Moving Period
Moving to a new neighborhood is challenging. Your renters will need to find their way around an unfamiliar area. As a landlord, you can supply resources such as recommendations to restaurants, laundromats, schools, grocery stores, et cetera.
On the first day of moving, you can give tenants a list of local places to familiarize themselves. You can also include directions and landmarks for easy navigation.
Some landlords choose to introduce new tenants to the neighbors and other long-term renters. This helps renters feel at home in a new environment.
2. Send a Welcome Letter
Little things can leave a good impression. You can extend a warm welcome to your new renters by preparing a letter for their arrival. This can pave the way to a good landlord-tenant relationship.
Include vital information such as trash pickup schedules, contact information for issues, utility services, and emergency numbers. It’s also best to write your contact information in case they need any assistance.
3. Leave Some Stock Supplies
Moving can be a chaotic time. It can take days to put everything in its place. Simple gestures count a lot in this regard.
You can stock up on simple things, like toilet paper and soap in the bathroom. This creates a positive impact and makes the tenant feel appreciated.
4. Stick to the Leasing Agreement
Conflicts are inevitable in the rental business. When disagreements occur, refer to the policies contained in your lease for guidance. By sticking to the set conditions, you can reduce misunderstandings.
If the matter can’t be resolved based on the signed lease agreement, you can also check the state and local landlord-tenant laws.
Another good source is online landlord forums, where you can find the best practices that landlords often follow. 
5. Keep Your Cool During Disagreements
Things won’t always run smoothly throughout the course of managing a rental space. You’re bound to encounter problems such as property damages or late rent payments.
It’s best to be prepared and arm yourself with a contingency plan, especially during emergency situations.
As a landlord, you’ll find your patience will be tested. However, always retain focus and professionalism when dealing with a renter, even when tension and conflict occur.
Practice being stoic to avoid making disagreements worse. Always communicate with your tenants respectfully.
6. Cultivate a Professional Relationship
Basic friendliness can make it easy to cultivate a pleasant landlord-tenant relationship. However, too much of a friendly attitude can blur the lines.
Your tenants may feel that their boundaries are crossed and their privacy isn't being respected. It might also appear to other tenants that you’re giving special treatment to particular renters.
Remember, you’re still operating a rental business. You’ll be making decisions that must be fair for all occupants. Being overly familiar can also make it hard for you to decline certain requests or enforce the rules firmly.
7. Walk Your Renter Through the Leasing Policies
Before signing the leasing agreement, you must make sure that your renter understands the conditions.
Patiently go through the items in the document. Emphasize important policies. Take time to explain the clauses contained in the contract.
The renter must know the duties and rights of a tenant. They must also be aware of the behavior that’s expected from them as a tenant in your rental. This process establishes trust.
8. Be a Responsive Landlord
Even if you have one of the most attractive and affordable rental spaces, tenants will need someone who can address their requests. They expect landlords to be available during business hours.
They also need you to pick up their calls and reply to their emails. Even if you can’t tend to the issue at the moment, take time to shoot them a quick reply. Tell them that you’ll be checking into the matter as soon as you’re able.
Keep tenants in the loop, and provide updates to their requests even if they don’t ask for it. As a responsible landlord, providing relevant information is expected from you.
If you’re not around, have an alternate contact person. The goal of good communication is to reassure your tenants that you consider their issues important.
9. Remain Accessible
Renters need to be able to contact you, especially when emergencies occur. They must know where to contact you. Provide multiple contact points from phone numbers, emails, and/or online messaging apps.
Being accessible is a great way to make sure you can keep good tenants around long-term.
10. Consistency is Key
You must follow guidelines strictly as stated in the leasing agreements. Avoid changing policies based on your convenience, and keep your word. If you tell a tenant that a property repair will be done in a day, then it should be done in a day.
If you accept rental payments using specific methods, then you must stick with it. Everything that’s established in the rental agreement must be adhered to. Otherwise, you’ll be creating more conflicts as time passes.
11. Take Advantage of Digital Technology
Having an online system is efficient for both landlords and tenants. Losing paperwork is less scary when forms and lease agreements are digital.
Online rent collection is also convenient for easy monitoring. If repair requests are needed, renters can submit a form online rather than calling you up and filling out manual forms.
The advantage of adopting digital technology in your business is that you save more time. If you need copies of important documents, you can easily access your digital backups.
Being a Good Landlord in a Nutshell
In all, there are a lot of ways to be a good landlord and thus keep good tenants around long-term. It just takes time, dedication, and a professional, friendly approach.
If you don't have the time or energy to constantly tend to your tenants, contact Pinnacle Property Management.
We offer property management services in Torrance and other areas of LA County. We can find great tenants for you, screen them, and handle all aspects of managing renters and your property. Get in touch today!
