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Renters make up 36% of the households in the United States. When you're a landlord, it's your job to create an amazing living experience for people that rent from the property you own or manage.
Since this is a task you're taking on, you owe it to yourself to become the best landlord possible.
Having the right landlord tips in the back of your mind will allow you to take care of every tenant for the duration of their lease. Keep reading and apply the tips below so that you can learn how to be a good landlord.
1. Know the Real Estate Market Locally and Nationally
As a landlord, it's your job to always stay up-to-date with the issues happening in the real estate market. Get to know about the trends and financial health of the real estate market nationally and locally.
Learning the real estate market in Harrisburg will help you better serve tenants each month. This means understanding the cost of living, property values, and how much people are generally paying for monthly rent.
When you're informed, you'll be better to make pivots and decisions that keep you ahead of your competition, while also taking the best care of your tenants.
2. Be Thorough With Records and Details
Successful landlords are the ones that keep clean records and details. Being accurate and detail-oriented are landlord qualities that you'll need to have.
Landlords constantly deal with lawsuits, state codes, and other matters that involve impeccable details. Make sure that you're detail-oriented and thorough about everything, and that you create a record-keeping process that works for you.
Ramp up your cybersecurity protocols as well so that sensitive information doesn't get leaked or exposed. There are 30,000 websites that get hacked each day. Getting a handle on these issues will prevent setbacks.
3. Visit Properties Owned By Other Landlords
The key is to never be complacent when it comes to your role as a landlord. Study other landlords and property managers in your area and in other areas so that you can learn new details and helpful tips.
There are plenty of great landlords that you can learn from today thanks to social media and blogs as well. You can also visit property management seminars to keep up with the newest practices.
4. Have a Gameplan for Improvements
Being a landlord means consistently making important improvements to the property. Paying money on improvements upfront will prevent you from having to piece together crumbling infrastructure for years.
Choose improvements that are eco-friendly, and that add to the property value. Make tech-centric upgrades that make your tenants' lives easier, while also saving money.
5. Handle Issues Quickly and Completely
A landlord needs to also be timely about every project that crosses their desk. Document every maintenance call, and have a set timetable for responding to it.
Even before you send maintenance technicians out to a property, you should respond to your tenant to let them know that the issue is being addressed. Handling issues promptly will build trust and prevent lawsuits.
Learn How to Be a Good Landlord
Figuring out how to be a good landlord will help you get the results that you're looking for when you want a return on your investment.
HomeRiver Group is your go-to resource when you're trying to get help with your property management needs. Take the time to contact us on our inquiry form, or give us a call at (877)212-6603.
