5 Tips For Residential Landlords
- Establish a clear, fair system of setting, collecting, holding and returning security deposits. When you inspect and document the property before the tenant moves in, and clearly let the tenant know, it will avoid issues when the tenant moves out.
- Stay on top of repairs and maintenance and do the work when the tenant requests. If you don’t, you’ll alienate good tenants. Most leases say that your responsibility as a landlord is to keep the property in good and tenantable condition, so honour that clause or you may lose a tenant.
- Respect the tenant’s privacy according to the terms of the lease. Give tenants notice before you visit or want to enter the property.
- Try to resolve disputes with your tenants without using attorneys. Meet with the tenant over issues that may come up to see if you can resolve the issue informally first. If that doesn’t work, try a neutral third party next.
- Let the tenant know what your insurance covers on the property. Is it just the exterior of the building? Do you have coverage for a water heater leaking and damaging contents? Be clear, so the tenant will know what they may have to do in terms of their own insurance coverage.