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Zen and the Art of Real Estate Investing with Jonathan Greene

5 Pro Tips to Help You Become a Better Landlord

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There are a lot of things that could go wrong as a landlord, but in order for your tenants to take the best care of your units, you have to take the best care of them. 

 

The more you give each tenant their own space as well as stuff that makes it feel like home, the more they’re going to treat your property like home. 

 

Here are FIVE pro tips to help you become a better, more mindful landlord:

 

1. Online rent payment

 

An online payment portal is going to make your job as a landlord easier. It’s also going to make it much easier on the tenant.

 

Streamline the process as much as possible so there’s less hassle and less follow-up. This also makes things easier should you decide to sell your multifamily property later on.

 

2. Exterior upkeep

 

As a landowner, you’re responsible for the common areas. You can’t expect tenants to keep up their units nicely if you don’t do anything on the exterior. And so, you have to do your part and your tenants are going to follow your lead. 

 

3. Laundry and storage

 

A laundry area is one of the basic necessities that you can provide to your tenants. Ideally, if you have a two-family, you should provide two washers and two dryers. Now, if you only have one washer and one dryer, be sure to create a schedule to make things smooth and peaceful.

 

Storage usually goes hand in hand with laundry because they’re usually both in the basement. You can also charge for that if you like. 

 

4. Parking and backyard

 

Parking spaces should always be marked, and you can upcharge for the parking in a lot of areas as well.

 

If you have a two-family, and both units have the same access to the backyard, it should have a fence down the middle. Give people their own little private space in the backyard and this is going to create better relationships.

 

5. Other things to consider:

  • Think of amenities that will help people be more productive such as Wi-Fi . 

  • Again, make it feel more like home by giving them a few amenities so they will want to take care of your unit.

  • Don’t rent apartments or units without refrigerators or appliances. The last thing you want is for them to bring a refrigerator in and end up scratching the floor. 

  • Do something outside of what other landlords are doing (ex. gathering/party). This is especially true for college renters. If you’re smart with your college renters, you’re going to be able to get recommendations for who is coming in right after them.

  • Do cleaning services for them. It’s not only a nice gesture to do but you can also get some feedback from the cleaner on anything that’s wrong. 

  • Finding a place for package drop-off is a great additional amenity that your tenants will surely appreciate.

Remember, your tenants are the caretaker of your unit while you’re the caretaker of the building. And so, you have to show them how to do it the right way. 

 

Mindful landlord = happy tenants + less calls. If you want to learn more about the art of mindful landlording, check out www.trustgreene.com/podcast/zen/013.

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