Property Management

Tips for Being a Great Landlord

Owning rental properties in Seattle is the beginning of the journey towards becoming a real estate mogul in the area, but you need to be a good landlord for you to be successful. It is worth noting that not everyone owning rental properties in the area is a great landlord and a good number of property owners do not have what it takes to be a good landlord. Here are basic tips on how to be a good landlord in Seattle and avoid having issues with your tenants.

1. Hire a Professional Manager to Manage of Your Properties

property-management-professionalThe most effective strategy for being a great landlord is by hiring a professional real estate manager to take care of your properties. This frees you from direct involvement with tenants because you have someone to attend to tenant needs and respond to their queries. This is a good strategy if you live far from your properties or if you do not have adequate time to attend to tenant needs. If you are looking for a competent and trustworthy property management contact T-Square in Seattle.

2. Have a Detailed Tenancy Agreement to Guide You

tenancy-agreementFor landlords who choose to manage their properties by themselves, it is recommendable that you have a detailed tenancy agreement to guide you. The tenancy agreement should make clear what you expect from your tenants and what they should expect from you. That way, it becomes easy to establish a good relationship with your tenant disputes and complaints s become minimal.

3. Make Sure Your Properties Are Always In Good Condition

It is good to make sure your properties are in good condition and your tenants are comfortable. Tenants in Seattle pay huge money for housing and expect to get good value for their money. This means that some items that you can easily ignore in your house and do without them are very important to tenants. You need to make sure that all the fittings and fixtures in your rental properties are in good condition. In other words, your rental properties should be safe and tenants should be proud to stay in them.

4. Do Not Overprice Your Rental Properties

Never over-price your rental properties to take advantage of the high demand for rental properties. It is important to make sure your rental rates are fair and consistent with market rates. You need to give your tenants good notice anytime you want to revise your rental rates upwards and give those who cannot afford to pay your new rates time to vacate.

5. Keep In Touch with Your Tenants and Respond to Their Queries Promptly

It is important to keep in touch with your tenants, even if you have hired a property manager to help you and make sure they are in safe and comfortable. You need to maintain good communication with your tenants and always respond to their queries promptly. Additionally, you should be easily reachable by your tenants anytime they need you via the phone or from your home or office if you have one.

6. Be Polite and Considerate To Your Tenants

A good landlord should be polite and considerate to his/her tenants whenever there are some issues that need to be resolved. As a landlord, you should learn to listen to your tenants and be ready to help them where you can instead of being rude and harassing them whenever they have a problem or they have failed to pay rent on the agreed date. We are living in difficult economic times and tenants are struggling to make ends meet.

Watch the video below for a view more tips on the subject. I believe that these are quite on point!

You can also visit the website here, they have a lot of information and resources for those wanting to go down the DIY route.