9 August 2016

What Makes a Great Landlord

Offering the provision of full-service property management, Triumph is attuned to the needs and concerns of tenants. Whatever the query – both small and large – landlords should exercise a management style that doesn’t alienate, isolate, or irritate the tenant.

Good landlords don’t consider their tenant through the prism of how much they can afford. They see tenants as people. When viewed through this more compassionate lens, the pieces of what constitutes a good landlord start to come together.

And it is these pieces that we explore in today’s blog, pieces which – when considered and acted upon by the landlord – can pay enormous dividends in the long run.

Starting with the basics

It all begins with the lease, that legal contract that binds landlord and tenant together. Landlords should be proactive. They should not only formulate a lease that caters to the basics, but also to the nitty-gritty detail that all tenants should come to expect.

These details include everything from the penalties for late rental payments to how tenants should deal with maintenance repairs. It also deals with other, no less ancillary issues such as what type of pet – if any – is to be permitted on the property.

The lease agreement should be clear, concise, and comprehensive. No stone should be left unturned. Both landlord and tenant should know where they stand should an issue arise – no matter what the source of this issue happens to be.

Landlords should also consider the legal environment they find themselves in. Many states differ on tenant rights and landlord obligations. Consult your local Department of Housing office for more information on these matters.

Moving from good to great

Landlords should also have a proactive management style, particularly with regards to questions of maintenance. Dealing with maintenance queries can, in many cases, prove to be time-consuming, stressful, and expensive – but they must be dealt with.

Tenants whose maintenance queries are dealt with in a timely and professional manner are significantly more likely to renew the lease. They’re also more likely to accept a rental increase as they value the service they have hitherto received.

Again, tenants should not be viewed through the prism of dollar signs. They should be considered as you would like to be considered if you were in their shoes. This means behaving in a responsive way that takes full responsibility for the obligations you, as a landlord, possess.

Tenants should know how to contact the landlord should something go wrong. This could be in the form of a business phone number or even an email. This detail would preferably be found in the lease agreement; a simple go-to place for tenant queries.

Good landlords should also consider tenant privacy. No one person appreciates a violation of privacy. Landlords should visit their property at reasonable times, preferably at pre-arranged times that suit both sides. Arriving at 7am is, it goes without saying, a definite no-no.

Final thoughts

Good landlords also exercise a certain sense of compassion. As with all of us, sometimes things go wrong in our lives – and tenants are no exception. Landlords should be active listeners and help tenants, within reason, during times of unmitigated personal distress.

This could be due to bereavement or a break-up – or anything in-between. Landlords, if they wish to keep their very best tenants, should have a heart as well as a head. Tenants will remember this compassion and they are more likely to renew the lease agreement.

As the leader of property management in Las Vegas, Triumph applies these principles in practice on a daily basis. This not only improves property management, but it also streamlines the property management in such a way that saves both time and cost.

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