The reward for being a great Orlando landlord is that you end up with happy tenants. When renters are happy, they pay rent promptly, take good care of the property, and stay in your units for a long time. When the lease period ends, such tenants are always willing to renew it or help you to get equally good occupants. Consequently, your assets are hardly ever vacant.
If you are actively looking for ways to be a prominent property owner in Orlando, here are some pointers to get you started.
7 Tips on Being a Great Landlord
Have a strict but fair tenant screening process
Some tenants are simply too difficult to please. No matter how hard you try, it’s like they are hell-bent on making your life and that of the other residents miserable. For this reason, it is prudent for you to have thorough tenant application and screening procedures which will help you to identify and qualify only deserving candidates. Such a measure guarantees that you only end up with tenants who get along with you and your other residents as well.
Have clearly defined rules
A common source of strife between property owners and renters is the absence of clear-cut rules.As a result, each party might not know what his or her duties, obligations and liabilities are. In such a situation, for example, a renter might innocently do something that might displease the owner or vice-versa. Avoid falling into such a trap, by putting in place clearly outlined rules that define the tenancy. A brilliant way to express those laws is through the lease agreement, which can contain elements, guidelines, as well as the landlord’s personal wishes concerning the tenancy. Your residents will appreciate knowing what you expect of them.
Go over the rules with the renters
One of the many benefits of working with a property manager is that they go over the rules with your tenants. If you decide to take this on yourself, it is essential you do the same. Having well-articulated rules are essential to a healthy landlord-tenant relationship they are not sufficient. You must make sure the applicant has read and understood them. In case the candidate has concerns, does not agree with, or does not understand something, this is the fitting time for you to address it. Once the prospect comprehends and agrees to the terms, he or she should affirm their consent by appending their signature on the lease contract. It is equally important that you do not change the rules once the tenant signs the lease unless of course, a dire situation dictates you do so. It can be infuriating to your clients if you keep changing the rules while the lease is in effect.
The primary focus of some landlords is to get an occupant for the vacant units. As a result, as soon as the tenant signs the lease, the owner disappears, only to show up when the rent is due. In some cases, he or she might supply the resident with a phone number that is not even functional. Such moves leave the tenants confused and unsure of where or how to contact the owner. If you are an Orlando landlord, make sure you are always accessible to your clients, whether by phone or email. Who knows? An emergency might strike, and the swift communication might just be the remedy to salvaging the situation.
Help the tenant settle in nicely
When a new occupant transfers into your property, it is highly likely that he or she is new in the area. A sure way to get on their good graces is by helping them to settle in nicely. For instance, you could give them printouts with directions to the local pharmacies, grocery stores, recreational facilities, churches, and any other valuable contacts. It wouldn’t hurt if you also wrote your new resident a welcome note and even stocked up their bathroom.
Respond to tenant concerns
One reason that makes high-quality renters problematic is when their complaints and concerns fall on deaf ears. Whenever your tenants raise a concern, therefore, treat it as a matter of top priority and attend to it within a reasonable time frame. Otherwise, you might end up creating a problematic renter or worse chasing the client out of your property. Since it is hard to predict if and when a situation might occur, you could put in place well-defined procedures and emergency contacts of your preferred repair and service contractors to deal with such matters.
Be respectful to your tenants
Just because you own the premises does not give you the right to bully the occupants. As the saying goes, ‘a little respect spreads a long way.’ Treat your renters with respect, and you will be amazed at the kind of treatment they will accord to you and your property. Interact with them in a personable but professional manner, and if you need to inspect or service the units, have the courtesy to inform them in advance. Similarly, if there are disputes, handle the matter in the most professional and objective way feasible.
When you take on the responsibility of being a DIY Landlord, implementing standard procedures and processes will only benefit you in the long run.
We hope the above helps you in being a great landlord for you tenants!