Being
a landlord has ups and downs, but experienced property
management landlords find a few simple steps make
it easier to do it well. When first starting out, Joe managed his single apartment
unit casually without landlord software. He wasn’t sure that a lease was needed
for one apartment and figured he could manage things as they came up. Well,
after a few issues and many unexpected expenses, Joe made the choice to always
have a lease agreement in place. He discovered how useful it was for both the
tenant and himself to understand expectations.
The
more experiences you have as a landlord, the more prepared you are for things
to come and to improve your tenant’s experience as well. You may be thinking
there’s too much work involved in being a landlord. As experienced landlords
share, a few steps can remove some of the hassles.
Whether
you are a seasoned property owner, or a just starting out, below are a few
steps to take to get on the path to becoming a good landlord.
1) A lease? Always.
Whether you are like Joe with one property, or own several
units, having a lease agreement in place is a must for property management.
Lease terms help ensure both parties have an understanding of rental
expectations.
Lease terms matter too. A lease should include the basics
like the duration of the lease, rent amount, deposit requirements and late
fees. Other basics include identifying who is responsible for paying utilities,
pet and smoking rules, and specifics about how many people can reside in the
apartment, to state a few.
Less obvious lease terms cover expectations surrounding
communication of issues with the apartment, how long guests are allowed, new
tenant requirements, and more.
When developing your lease agreement, there are several
online options. Review the basic terms, and add those that make sense for your
unique property – just ensure they fit within the laws of your particular state.
When working with your prospective tenants, review the lease
terms in person, and allow time to answer any questions or concerns. Ensuring
your tenants understand the lease terms and your specific expectations will
help avoid issues down the road – making it easier for both the landlord and
the tenant.
2) Great service providers.
To truly be a great landlord, you will need great service
providers to quickly resolve issues raised by your tenants. Many new property
owners do not have a network of providers to call upon for various issues. Ask
contacts with properties to recommend service providers, or work with a few to
determine over time which providers work best with you.
Another option is to repair and fix minor issues
yourself. This may sound daunting, but
if you are handy, and can attend to minor repairs yourself. This will save you
a considerable amount of money in the long run. Minor repairs, such as replacing
a toilet stopper or a garbage disposal can be done without much effort and many
sites offer teaching videos to help the novice.
Seasoned property management landlords establish
relationships with plumbers, painters and a handyman, who may consider
providing discounts if you agree to use them exclusively across a set of
apartments.
By providing excellent service to your tenants, the hope is
that they will be happy, and will stay longer, reducing your turnover.
3) Electronic payments.
Wow is this one a time saver for everyone. When our new
landlord, Joe, first started renting his first property to tenants, he thought
rent payments would be easy. But he quickly learned that he did not want to
spend his time checking the mailbox and driving to the bank to deposit the
check. And after a payment was lost in the mail, Joe began researching landlord
software options. As he managed more rental properties, property management
software saved Joe even more time and effort. His tenants also love the
convenience of paying rent online.
With landlord software,
such as Schedule My Rent, landlords and tenants save time and effort by using
electronic payments. Landlords love that rent payments are automatically
deposited into their bank account with no need to worry about lost payments.
Tenants love the automatic payment reminders, and the ease of having their rent
payment sent each month.
Schedule My Rent enables roommates to split rent payments
easily, and enables tenants to approve all payments before the amount is moved
from their account.
When you collect rent
online with Schedule My Rent’s landlord software, you are well on
your way to becoming a great landlord.
4) Personalization.
Success as a landlord does mean making money on your
investment. A big factor in the amount of return on your
investment as a landlord is avoiding unwanted turnover. When tenants move out,
there is expense in repairs, cleaning, painting and upgrading, not to mention
lost income with the vacancy.
Most experienced landlords want to avoid turnover when the
tenants are good tenants. One way to reduce turnover is to personalize the
tenant experience. What does this look like? Spend time at the property and
check-in with your tenants. Get to know them and create a connection. By
getting to know your tenants and their needs, landlords can be familiar with
how to make improvements to the property. It is also important to have someone
at the apartment complex who can let you know if something unusual is happening
while you are not there.
The
few steps shared above can give even new landlords options to becoming a great
landlord. When you provide a good experience for your tenants, with property
management landlord software payments, effective leases, and personalization, you
can avoid unwanted tenant turnover.
