Landlords come in many shapes and sizes. Some people’s primary source of income is managing or flipping properties, while others are regular folks with extra property and an enterprising spirit. One’s reasons for being a landlord combined with personal ethics play a major part in how landlords conduct their business. However, certain best practices produce consistently better results.
Be Kind To Your Building
Structures that are unsound or otherwise violate government safety codes can be declared uninhabitable. Leasing a decrepit residence makes you legally responsible for encouraging occupancy, as well as for any incidents caused by your negligence. Municipalities require permits for rental properties. The process includes appraisal and approval by a building inspector, with future checks conducted periodically and at random. Therefore, it pays to be proactive about the condition of your premises.
Whether you charge separately or as part of the rent, ensure access to basic utilities such as heat, water and electricity. For fire safety reasons, you must install smoke alarms every 30 feet, both inside individual units and in public corridors. Additionally, corridors should be kept clean, exits and stairwells unobstructed, and regular elevator maintenance MD be performed for the safety of residents.
Take Care of Tenants
Good landlords are recognized for honest dealing and responsiveness to renters’ reasonable concerns. Ensure that your rental contract clearly covers your expectations of tenants and your responsibilities in turn. Abide by those terms and be available to resolve questions, disputes or complaints as needed. Once a problem is brought to your attention, be prompt in taking action.
While your main aim is to make money, focusing overmuch on profits by charging unreasonable rents can compel tenants to look elsewhere, leaving your property vacant and generating no income. Don’t use tenants’ deposits on unrelated damages, or for routine repairs you would have made anyway.
The interplay between motivations and personality primarily determines a landlord’s success or failure. Practices that balance the proper degree of business sense and tenant goodwill are what make a landlord stand out over the competition.