Discover Landlord Tips and Tricks
There are the standard rules and laws that each landlord must follow but being a landlord also allows you the flexibility to personalize the type of landlord you want to be.
The better landlord you are the more reputable brand you build for yourself and your property. This matters and allows you to attract the best, and higher paying, tenants to your property and makes your job as a landlord a rewarding experience.
So, how do you do it?
We have a compiled a list of the top landlord tips and tricks that will help you build:
- A better property
- A better brand
- A better experience
If you can do the above three things, you will automatically:
- Cut Expenses
- Generate Higher Income
- Save Time
TIP 1: ALLOW PETS
The risk associated with allowing tenants to have pets can be higher but the reward is also much higher.
Because the quickest leased properties on the market are ones that allow pets.
The majority of properties don’t allow pets which leaves people with pets only a handful of quality properties to choose from. Due to this limitation for them, tenants with pets often commit to longer leasing periods as well.
Here’s the best part:
Your property will not only sell faster but you will also be able to minimize the risk and increase your gain.
The increased risk of damage by having pets allows you to increase your security deposit. Tenants often understand this and are willing to pay the higher security deposit.
You have shorter periods on the leasing market and a higher security deposit.
TRICK 1: MOVE-IN SPECIALS
Everyone loves a deal!
One of the landlord tips and tricks is to increase your odds of attracting tenants is to offer them move-in specials.
You might be wondering:
What’s a good move-in special?
Offer one month free rent if they sign a full 12 month lease. With this example, the tenants feel they are getting a good deal and you, as the landlord, are securing a longer lease.
It’s a win, win!
TIP 2: FULL REFERENCE CHECKS
As a landlord you hope to secure the perfect tenant(s) for as long as possible.
The best way to do this is to have a foolproof application process that includes reference checks with the tenant’s previous landlord(s).
Unfortunately there will be some tenants who use their friends and family members as their references. These will not be the best references to understand the tenant’s living personality as they are biased.
How to do a full reference check:
- Call the provided number as if you were a new tenant
- If the receiver proceeds as a landlord, you can call back as a reference check
- If it is a friend or family member, they will respond with confusion and you will need to obtain a new reference.
TRICK 2: KEEP A RECORD
The lease/agreement between landlord and tenant doesn’t always cover the gray area of possible issues that may arise.
For landlord tips and tricks, trick number 2 is we recommend keeping a filing system and phone record.
Save all e-mail conversations between you and the tenant, all text conversations and all phone call logs.
Check out the app store on your phone to find an app that can help you filter and build a record for you.
It may seem like an unnecessary task but it will help protect you should anything happen. By having a record, you have physical proof instead of your word versus the tenants.
It is illegal to carry a recorder or record any physical conversations with the tenant without their permission.
TIP 3: ON-TIME PAYMENT INCENTIVES
Again, everyone loves a deal!
For our third tip, we recommend offering an on-time payment incentive to your tenant(s).
By offering them an incentive, they feel like they are saving and you will receive on-time payments or additional money if late.
One incentive would be to offer their monthly rent at a discount if they pay on time. If they pay late once, they will not receive this discounted price go forward.
TRICK 3: GRACE PERIODS
In the ideal landlord world, your tenant would pay their rent on time (or earlier). Unfortunately, this is not always the case.
There are certain circumstances that may cause the tenant’s payment to be late. One example is postage – if your tenant mails you their rent it is possible to be late based on holidays, weekends, etc.
For the third, and final, trick in our landlord tips and tricks we recommend offering a grace period for your tenants.
You might be wondering:
How long of a grace period?
We recommend a few days such as 2-4 days.
This is left up to your discretion and depending on the circumstances can change as needed. The grace period allows you to be a flexible landlord and have happier tenants as things to come up – if your tenant abuses this grace period it is advised to revoke it.
There you have it, a few landlord tips and tricks to get you started on building your property and attracting your ideal tenants!
These landlord tips and tricks are easy to implement at the beginning or at anytime throughout your landlord experience.
A better experience for your tenants is a better experience for you!
But, we understand that being a landlord isn’t for everyone. If you’re like many (including myself) you may ultimately decide it isn’t worth the hassle to own a rental.