“Landlords grow rich in their sleep without working, risking or economizing.” –John Stuart Mill
Most people seem to be under the mistaken impression that being a landlord is an easy job. All you would have to do is basically ensure that everything is in working order in your rental properties, collect rent and look for prospective tenants once a previous tenant’s lease is up. Sounds incredibly easy right? Unfortunately, handling a tenancy is not as easy and straightforward as we are all lead to believe. In fact, a landlord’s job and responsibilities cannot be handled by just about anyone. The truth is there is a lot more to being a good landlord than just ensuring their tenants are comfortable in their properties. Moreover, tenants also have incredibly particular ideas on how their landlords should act.
The reality is, you can have the best condo for rent in Manila but would ultimately fail at finding potential tenants if you do not possess the right attitude and traits a landlord should have. Your rental property should not be the only thing that appeals to prospective renters after all, but your attitude as well. If you wish to attract more tenants and improve your skill at managing tenancy, here are some of the traits a tenant usually looks for in a landlord:
Landlords are expected to be organized. In this regard, their tenants can count on them to never misplace their contracts or worse (their rental payments). They would always have a storage cabinet for important documents and it would always be ready should a new tenant wish to rent. These would be neatly filed away until they are needed.
- Timely maintenance
No one wants to live with a leaking roof or a dysfunctional sink. Tenants would want their homes to be in tip top shape and be in optimal working order. Of course, having things break and fall into a state of disrepair would often be inevitable but this does not excuse the landlord. If anything, it is his or her primary responsibility and obligation to fix it right away. In fact, one of the biggest complains among tenants as regards the place they are renting is the fact that maintenance is never timely or never happens at all! Speedy maintenance should be a top priority among landlords. Remember, your tenants are paying their due; you should do your part of the deal as well. Not only will this encourage tenant retention, but you will have better and more responsible renters as a result.
You might be their landlord, but that in no way gives you any right to lord over your tenants. Renters dislike landlords who are judgmental, condescending or rude. Good landlords who attract the most renters and have the longest tenant retention know it is best to cultivate an atmosphere of respect. Act with professionalism and always be kind and honest with your tenants.
In all of your dealings with your tenants, be honest. No matter how adept you are at conning others, it is highly likely that your tenants would catch on. Your building inhabitants were not born yesterday after all and they would be able to tell if you are cutting corners on maintenance or are being downright dishonest in your transactions. Be honest in every aspect of your transaction with your tenants–you owe that much to them.
As a landlord, you need to be a solid presence. It is actually more important than you might think as it lets your tenants know they can rely on you whenever they need anything. With this in mind, it is best if you answer their calls and reply to their messages regardless of where you might be. Should you fail to answer their call, promptly give them a message and let them know when you are available to talk to them. Know that one of the characteristics a good landlord has that would make the most impact is knowing how to follow through when they make a promise. To this end, always keep your word whenever you promise your tenants anything—whether that may be a specific date on maintenance work or anything else.