How To Be A Great Landlord

Steps

1. Go the extra mile. If you want your tenants to go the extra mile for you, you have to go there for them first.
2. Set a fair rent; don't rip your tenants off. It's okay to charge above market rent if your property is above market value, but otherwise don't overcharge or you'll build resentment.
3. Reward on-time or advanced rent payments (for example, with movie tickets, scratchies, DVD rental vouchers, chocolates, anything nice that your tenant will like).
4. Know who your tenants are and at least a little bit about them. You should be able to have a conversation with them about their life (e.g. "How are little Johnny and Sarah? "Are you still playing golf?)
5. Be available to your tenants. If you miss their call and they leave a message, respond promptly. There is nothing more annoying than a property manager who never answers your call and never gets back to you.
6. Discuss win-win options with them. For example, if the door handles need replacing, offer to pay for them if the tenant installs them. Or if they find a room in the house too hot, offer to install a ceiling fan for an extra $7 a week rent. You must ensure that both parties are benefiting, not just you.
7. If you aren't going to manage your properties yourself, then appoint an excellent property manager. Not an average property manager; in many cases, the average property manager isn't going to be good enough. If you are going to put someone else in charge of your income, your livelihood, your babies, you want someone really good.

Tips

• Start out on the right foot and make sure your tenant feels welcome when he steps in the door on moving day:
  • If your tenant has not yet moved in, make sure your unit is spotless before the moving truck arrives.
  • To make moving day more pleasant for your tenant, go ahead and install fresh toilet paper rolls in all the bathrooms and place a nice fresh bar of soap and a package of paper towels at each sink.
  • Place a few sixpacks of disposable water in the fridge.
• A tenant who will go the extra mile will:
  • Do minor repairs at their own cost
  • Add value to your property (for example, by installing a broadband connection, a wall-mount for a dryer [if it's a unit/apartment], or by painting the balcony railing etc)
  • Always pay rent on time or even in advance
  • Be extra careful not to scratch walls or floors
  • Clean everything better so it doesn't age/rust as fast

Warnings

• A dissatisfied tenant is likely to cause headaches and expense. They are in a very good position to hurt you financially if they want to - many landlords have spent thousands cleaning and fixing their house after a bad tenant set about damaging it. Judgements for damage can be claimed by tenant if they declare bankruptcy, leaving you with the bill.
• Even the best of people will resent their landlord if their home life is unsatisfactory. The resentment may be only on a subconscious level, but it makes your tenant less enthusiastic about looking after the house properly. They won't "go the extra mile" caring for your property. So if you want an above average tenant, be an above average landlord and follow the steps above.
• Make repairs to rental unit in a timely fashion.
• Do not loo