The Tenets of a Responsible Landlord

Investing in rental properties can be an effective way to grow your finances in a timely manner. However, this isn’t to say that the job of a landlord is easy. There’s little wonder as to why properties managed by knowledgeable, responsive landlords attract tenants while those managed by landlords who habitually ignore tenants’ needs remain unoccupied for long periods. As such, anyone who’s new to the rental property game would be wise to brush up on the qualities that make a responsible landlord. 

Meticulous Property Management 

First impressions are vitally important in the real estate market. If a property fails to impress at first glance, a sizable percentage of prospective tenants are likely to walk away. Luckily, responsible landlords can nip this in the bud by making property management one of their foremost priorities. For starters, you’ll need to enlist the services of a dependable local lawn care company. This will ensure that the lawns outside of your properties remain well-fed, meticulously mowed and looking their best. Secondly, the interiors of your properties should be kept clean, well-ventilated and free of aesthetic deficiencies. This means finding a dependable cleaning service and making sure the interiors look immaculate when being toured by prospective tenants. Lastly, take care to make the acquaintance of reliable local plumbers and electricians. If things go south with plumbing or electricity, it’s imperative that you have seasoned professionals in your corner.      

Easy Accessibility 

As any renter can attest, few things are more frustrating than not being able to get a hold of your landlord when dealing with an important property issue. If a tenant is beset by a sudden plumbing emergency, electrical mishap or any other problem that demands immediate attention, a difficult-to-reach landlord isn’t going to help matters. With this in mind, you’ll need to make yourself accessible to tenants at all times. However, this doesn’t necessarily mean that you should be fielding calls 24/7. Simply make it clear that outside of regular business hours, tenants should only contact you in the event of emergency. Matters that can wait until morning should be communicated through text or email. 

Landlords who are in a good place financially can often benefit from hiring dependable property managers. These individuals oversee daily operations, arrange maintenance visits and respond to renter concerns and queries in real time. Property managers can be particularly beneficial to landlords who have multiple properties to worry about.   

Prompt Responses 

In addition to making themselves easily accessible, responsible landlords respond to tenants’ concerns in a timely manner. If a tenant is having an issue with their plumbing, for example, the absolute last thing they need is a landlord who puts such problems on the backburner. Furthermore, failing to take immediate action in response to certain issues is liable to create safety hazards. Not only will shrugging off issues reported by tenants make you less likely to retain those tenants, it can also land you in hot water with the law. If you’re found to be in violation of any of your state’s renter laws, you may find yourself on the receiving end of numerous fines and lawsuits.  

Willingness to Speak Out 

Many of the problems tenants will report are likely to pertain directly to other tenants. More often than not, such complaints are related to noise pollution or lewd behavior. As uncomfortable as getting involved in such affairs may be, it behooves responsible landlords to help sort things out. For example, if multiple complaints have been made about the noise levels emanating from a certain unit, you can’t take a passive approach and hope that things work themselves out. When tenants are in violation of property rules and/or lease agreements, it’s your duty as landlord to speak out.

Purchasing rental properties can be a highly profitable venture. Depending on the location and general condition of a property, you stand to rake in a small fortune every month. Of course, this doesn’t mean you won’t have to put in your fair share of work. Landlords who consistently shirk their responsibilities and put tenant concerns on the backburner tend to develop unfavorable reputations and have trouble finding willing occupants for their properties. Fledgling landlords looking to carve out a good reputation and help their properties flourish should exhibit the previously discussed traits.