Most people think that being a landlord is one of the easiest jobs out there, but this couldn’t be further from the truth. Often, landlord duties are never ending and, if you have some nasty tenants, your workload could be double or even triple the normal amount.
Having an excellent tenant will make a world of difference. Apart from ensuring you are paid on time; you’ll be less stressed knowing your property is in good hands. However, tenants come and go, and it’s much easier to come across bad ones than good ones. That’s why it’s incredibly important to do everything in your power to keep a hold of great tenants when you have them.
In this blog, we’ll share our best advice on how to keep your tenants happy all year round.
Create a Welcome Pack
It’s important to start off on the right foot and you can do so by creating a welcome pack for your tenants. This can include things like a map of the local area, snacks, local take-out menus, and a handwritten welcome note.
Be Fair with Rental Prices
Understandably, there may come a time in which you are forced to raise the rent prices. However, if you raise the prices too high, you could risk forcing your tenant to move out. Instead, try to find a middle ground that can work for both of you.
Focus on Communication
It’s incredibly frustrating when something goes wrong in the house, and you can’t get a hold of your landlord. Let your tenants know how they can contact you and what method of communication you prefer. If it’s an emergency, give them a specific way to contact you.
Stay on Top on Repair Work
Don’t wait until the last minute to fix things. It’s much better (and cheaper) to be proactive with the repair work – not to mention, your tenants will be much happier with the results. It’s great if you have a list of handymen you can always rely on.
Opt For External Help
Not everyone is cut out to be a great landlord, which is why many property owners opt for external help. For example, you can hire specialists in condominium property management in Etobicoke that cover all the responsibilities of a landlord. Management companies can collect rent, take over the repair work, and even find tenants.
Respect Their Privacy
Yes, you are renting out your home. However, once your tenants sign the lease, you no longer have the right to barge in whenever you please. It’s crucial you respect the privacy of your tenants and let them know when you need to come over.
Trying to find responsible tenants can be incredibly difficult, so once you find your people, you should do everything you can to encourage them to stay. If you don’t feel like you’re up for the task, the best thing you can do is consider hiring an external property manager to ensure everything runs as smoothly as possible.