There’s nothing worse than regretting a rental contract after it’s been signed. But when it comes to renting out property, there’s only so much work that can be done pre-contract.
For example, you can easily visit the potential renter’s current home or apartment. You can run a background check. But all in all, there is a point when all control flies out the window and you just have to trust your potential renter.
The best thing to do is create standard policies for maintaining the landlord-tenant relationship. With these three tips, you can promote a healthy level of relationship between apartment manager and tenant, thereby creating a safety net at all levels.
Here are three things that keep the tenant-landlord relationship healthy!
Inspect all properties every month.
This is a great way to both build a relationship with your tenants as well as make sure that the property is holding up. Let tenants know in writing – and have them sign a permission slip – that you can and will inspect filters and heating/cooling units on the same day each month between 8a.m. and 5p.m.
Have the property manager provide the inspection checklist to the owner. Not only are you keeping track of the property quality, but your tenants will know that the manager is invested in their living arrangements, thereby promoting good communication when things are broken.
Make Necessary Repairs.
It can be easy to let things slide when a tenant has something break – out of sight, out of mind. The expense can wait. But in actuality, keeping up on necessary repairs will benefit you in several ways.
For one thing, quick, quality repairs mean happy tenants. Happy tenants leave positive reviews and stay in your property longer. Besides aiding in tenant turn-over and promoting your property’s image, making necessary repairs helps the property itself. Keeping up with necessary repairs (think a broken refrigerator or dripping faucet) means less headache when your tenant leaves.
By keeping up with these repairs, your time between tenants is shortened because your renters will want to live in the property longterm. It also means you maintain your property value by always keeping everything up-to-date.
Maintain Proper Boundaries.
It is essential to maintain proper boundaries in your relationship to tenants. This is, first and foremost, a professional relationship and it’s good to make sure all are tenants are being treated the same.
Charge for any and all tenant damages – spilling coffee on the carpet or a broken mirror from a party. Tenant damage becomes part of the rent due, or comes out of their security deposit. If not paid, then the rent is not paid, and the tenant can be evicted. Just be sure to provide the tenant a “Damage Costs List” at the time of signing the Rental Agreement. (You can grab a FREE copy of my Damage Costs List at the end of the post.)
Also, I recommend that you put in place an Excessive Utility Policy. Anytime that the tenant’s usage of provided utility becomes excessive and exceeds X amount of money per month, the tenant is responsible for payment. It should be considered additional rent due at the time of regular monthly payments.
These policies help put a boundary between you and your tenant.
All in all, you want to ensure that the ongoing relationship with your tenant is healthy. This reduces frustration, late payments, and short rental agreements.
What’s something you wish you could tell every tenant? How have you maintained healthy boundaries with your tenants?
Don’t forget to grab the FREE Damage Costs List. This is the list I have used for all past tenants. It includes any resident damage that could possibly happen, and how much you should charge for the repair. Grab it here!