Are you thinking of investing in real estate property? Rental property is a lifetime investment offering residual income and long-term wealth. But do you know proper management of real estate property is necessary for optimal returns? As a landlord, you need to know the top secrets and tips to manage your property successfully.
When building your real estate portfolio, there are dos and don’ts. Also, you should possess essential qualities to compliment you as the renter.
Being a good landlord is more than just managing your property properly. You need to take into account the needs of your tenants. Tenants are your clients, and just like any other business, the customer is the king.
If you are getting started in real estate investment, what tips do you need? Continue reading to know more about some of the top secrets and tips to help you become a favorite landlord to your tenants.
Help Tenants Get Adjusted to the Area
In most cases, tenants will be new in the area. It’s important to give them an idea of what the neighborhood is like and how to move around.
To make the process less overwhelming, you might give your tenants printouts. These provide directions to local pharmacies, groceries, and other crucial amenities. Tenants will feel appreciated and valued when you take the extra step to help them know around.
This step is not a must, but it’s necessary to ensure your clients get settled in their new homes right away.
Write a Welcome Letter
Imagine getting a welcome letter from your landlord. How would that feel, hmm? The same feeling will be achieved when you do it to your tenants.
Writing a brief note to your tenants and welcoming them will ensure you start in a friendly way. Also, you can welcome them personally and appreciate them for choosing your unit and reiterate how important they are. This will be the beginning of a positive renting experience with your tenants.
Are there any special instructions that the tenants need to know? If so, provide them at this stage. Also, provide them with your contact information to get in touch with you if need be.
How easily can the tenants reach you in case of an emergency in the property? As the landlord, ensure the tenants can reach out to you effortlessly.
Provide them with multiple means through which they can contact you. This might include email or phone numbers.
Also, do you know you can use property management software to make it easy for tenants to reach you? Such online platforms help tenants to raise any concerns they have through their accounts.
Help Them Change Address
Moving to a new home comes with its demand. Changing address is one of the necessities. It’s vital to ensure tenants update their addresses to avoid missing important emails.
You may choose to include address labels or packets for change-of-address on the welcoming letter. Tenants feel you are a responsible and meticulous person, which are key qualities in a landlord.
Keep the Relationship Professional
Can you be friends with your tenants? Yes, you can. But it’s important to maintain the relationship friendly and be professional. Don’t forget they are tenants, and you are the landlords; stick to your policies.
Setting boundaries with your tenants is key. What do you do when you need to evict tenants or when they take you to court?
Your rental business matters and you should not trade it with an unprofessional relationship with the tenants.
Stock the Bathroom
When you last moved, did you think about picking up some toilet paper? The moving process is so arduous that we get to forget or ignore other critical but straightforward things. This is why you need to do the little things for your tenants.
Imagine the feeling when frustrated that you forgot to stock up bathroom essentials when moving in only to find them in the bathroom. You will feel appreciated and welcomed, and you will know your needs are taken care of.
To give your tenants this feeling of appreciation, help stock their bathroom when they first move in.
Follow Rental Lease Guidelines
How do you handle an issue with the tenant? Just like any other human relationship, problems could arise with your tenant. When they do, you have to ensure they are appropriately handled.
You must follow the rental lease guidelines to avoid more issues. However, if the subject issue is not highlighted in the lease, check with local landlord forums to see the best course of action.
In case of objections, this helps to justify your actions are within your rights.
Also, ensure your rental lease agreement covers all issues that might arise with tenants.
Remain Calm When Handling Problems
What will you do when a tenant doesn’t pay their rent in time due to issues like income loss or medical bills? You don’t want to be inhumane in such a situation. Even though it’s normal to get festered with anger in these cases, you need to be calm and professional.
Don’t threaten your tenants or infringe on their rights. To shun legal situations, always refer to the rental lease or ask for guidance from the available landlord forums in your local area. In addition, know the laws regulating tenants and renters in your area.
Use the Above Top Secrets Tips to Become an Effective Landlord
A real investment portfolio is one of the best investments you can have. When getting started in real estate property, mistakes are bound to happen. However, your experience will grow with your portfolio.
The above are top secrets and tips to help you manage your property to maximize your returns and keep tenants comfortable.
Are you in Memphis and find managing your rentals overwhelming? Ready and Company got you covered. We are an unrivaled property management company with vast experience in helping local domestic and foreign investors manage their properties.
Contact us today for all your property management needs.