As a landlord, the start of a new year is a great opportunity to reflect on your past performance and make resolutions that will improve your rental properties and strengthen your relationships with your tenants. In this article, we will discuss some resolutions that every landlord should consider making in order to have a successful and stress-free year.
Here are a few suggestions to consider:
Be proactive and communicate clearly
Effective communication with your tenants is crucial for a smooth and successful landlord-tenant relationship. One way to improve communication is to set clear expectations from the beginning. This can include outlining the terms of the lease agreement, establishing a process for maintenance requests and emergencies, and defining the expectations for cleanliness and noise level. It’s also important to be responsive to your tenants’ needs and concerns. This can be as simple as promptly answering phone calls and emails or setting up a system for tenants to submit maintenance requests online. In addition, consider holding regular check-ins or tenant satisfaction surveys to gather feedback and address any issues that may arise. By being proactive and open to communication, you can foster a positive and harmonious relationship with your tenants.
Secure the property
Ensuring the security of your rental properties is crucial for the safety and peace of mind of you and your tenants. One way to do this is by installing sturdy locks on all doors, windows and entrances. This can include deadbolts on exterior doors and locks on windows to prevent unauthorized entry. In addition, consider installing a security alarm system that can alert tenants and authorities in the event of an emergency. Regularly maintaining and testing these systems is also important to ensure they are functioning properly. Security is important not only for the protection of your tenants and their belongings but also for your own peace of mind and protection as a landlord. By taking steps to secure your rental properties, you can help create a safe and secure living environment for your tenants.
Invest in the property
As a landlord, proactively maintaining and upgrading your rental properties can have long-term benefits for both you and your tenants. While it may require more short-term expenditure, investing in regular maintenance and upgrades can prevent costly repairs down the line. Simple tasks like painting and decorative work can improve the appearance and livability of the property, while larger projects like installing double-glazed windows or upgrading the boiler can save energy and reduce utility costs in the long run. By providing a well-maintained and updated living environment, you can not only attract and retain good tenants but also increase the value of your property. On the other hand, failing to maintain the property can lead to more expensive repairs and potential hazards for your tenants, as well as a potential decrease in the value of the property. In the end, investing in proactive maintenance and upgrades is a win-win for both landlords and tenants.
Prioritize longevity
Building long-term relationships with your tenants can reduce tenant turnover, which, in turn, will mean less administration and fewer costly void days when a property is unoccupied. Establishing trust and good communication with your tenants is key to resolving any issues that may arise and could save you time and money in the long run.
Jack Godby, Sales and Marketing Director at specialist rental platform Ocasa, which suggested the new year’s resolutions, commented: “Underneath it all, the majority of this advice revolves around communication and mutual respect. The relationship between landlord and tenant is not purely a business one, or at least it shouldn’t be. The landlord is providing a home – there is nothing more important or personal than that.
This mutual respect will help both parties understand the hard times that each is experiencing and the honesty with which they are trying to honour the agreement they have made with one another. The opposite of this is disagreement, suspicion, and conflict from which there is no positive result.”
In conclusion, making resolutions as a landlord can lead to a more successful and stress-free year. So, by following these guidelines, you can start the new year off on the right foot and set yourself up for a great 2023.
