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Five Ways to Become a Better Landlord

It is in a landlord’s best interest to have long-term tenants who pay their rent on time and take great care of the landlord’s property. On average, a landlord spends between 20 and 40 hours to fill each vacancy. That includes advertising, showings, review of applications and execution of the lease agreement. Better landlords understand they are in business and act accordingly. Like with any other business, the owner must understand they are providing a product or service that must be attractive and beneficial to the customer. Here are some ways to become a better landlord:

  • Make a good first impression – The better landlords recognize the importance of a good first impression. They invest their funds on the curbside appeal of their rental property and make it a priority to ensure their property has a fresh coat of interior paint and new carpet on a regular basis. Above all, these landlords make sure the property is clean and tidy when they show it to potential tenants.
  • Better landlords understand the rental market and the desires of potential tenants – The current rental market in Flagstaff is driven by location and affordability, so in this type of rental market it is not always prudent to spend a fortune on kitchen and bathroom upgrades to increase your rent to make a profit. Make do with what you have regarding interior fixtures. Focus on making sure your property is safe, clean, attractive and that all appliances and systems (e.g. heating) are in good working order.
  • Better landlords act professionally – It is very important to be on time for appointments and showings and to dress professionally. If your behavior and appearance do not reflect a sense of professionalism, quality tenants lose confidence quickly and are less likely to rent from you.
  • Better landlords have a written application process – Quality tenants want to understand your application process because they value their time, strong credit and ability to pay rent. They want to be confident you will select the most qualified tenant to avoid wasting their time and energy in going through the process. Please keep in mind that without an application process, some applicants might perceive that they were the victim of discrimination if you choose not to rent to them.
  • Better landlords have a professionally drafted lease agreement – Quality tenants read the lease agreement before they sign it. They want to understand the obligations of both the landlord and the tenant. A professionally drafted lease agreement will help keep you out of litigation. Have a local attorney draft a lease for you. Avoid using an online lease agreement. You always get what you pay for and it may cost you later! FBN

 

By Mike Hutchins

 

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