Landlords are often associated with greed and lack of ethics. But there is a way to take care of your property while keeping your tenants satisfied and generate profit.
Taking care of your property
Your property is your investment. If you don’t take good care of it, its value will depreciate. You have to ensure that you charge your tenants enough so that it covers any expense for maintaining the property. Look hard at the property and ask yourself if you yourself would like to live there. If yes, then you are on the right track. If no, then that’s a problem. You might have to start allotting a certain amount of the rent for repairs.
Remember that when tenants see that you are taking good care of the property, then they will also take care of it. But if they see that the paint on the wall is peeling and you are not doing anything about it, then they too will not care if they damage something in your property.
Set a schedule for maintenance and inform your tenants about it. If you want to go further in taking care of your property, you can also consult a property asset management expert.
Look after your tenants
Being nice and firm can be quite difficult especially for a landlord. But there is always a way to keep a warm yet professional relationship with your tenants. Here are some tips.
- Visit your tenants a month after they move in. This gesture will not cost you yet your tenants will feel like you care about them and not just their money.
- Do not raise rent without notifying your tenants. They will certainly go crazy if you just knock at their door and tell them to pay rent for a new higher amount.
- Discuss where their money goes. Tenants tend to gossip about their landlord putting all the money in their pocket and to prevent that, you might want to discuss with them how much the maintenance fee is and other expenses that they should know about.
Manage your profits
Of course, you are a landlord, a businessman and your goal is to generate revenue. You deserve whatever amount of money you get since you put effort into acquiring the property. You used your own money to buy the property. You risk not having the property rented. So no matter how much you love your tenants, you need to make sure that you are still earning.
Keeping your property well maintained could be the best way to make your tenants feel that you care about them and that you are not some greedy landlord they think of. There are other ways to maintain your property and you just have to find the right fit for you. In the end, you are still a property owner, a businessman. Use your property wisely and it will certainly bring you more revenue than you can ever imagine.