When the major footwork has been done in terms of negotiating the rental details, signing leases, coordinating tenant move-in dates, and collecting deposits, a landlord’s work is never actually finished. Should any issues or tenant concerns arise, a landlord needs to be available to problem solve and address the topic at hand.
Here are some tips to assist landlords with how to be proactive in the rental housing industry.
1. Follow Rental Laws and Requirements
It’s important for landlords to know the legal requirements and bylaws in their city. These can consist of potential rental certifications and renewals, occupancy limits, building codes, security deposits, and proper notices given to tenants. Click here for some related templates Places4Students.com provides for landlords as a resource.
2. Implement Health and Safety Standards
Landlords must provide a safe and well-maintained rental unit for their tenants. Health and safety standards range from a fire safety plan, working smoke and carbon monoxide detectors, fire extinguishers, safe electrical systems, secure doors and windows, working appliances, hot/cold running water, heat, sanitary environment with garbage removal, and bug/rodent-free accommodations.
3. Operate like a Business
Doing what is right and staying professional is the most profitable and favored choice for an off-campus housing business. It not only affects word of mouth, referrals, and potential references for the rental property, but also the way tenants treat their living space. Tenants will be more inclined to do their best, if they know that their landlord operates with their best interest in mind.
4. Practice Great Communication
It is important to respond quickly to issues that arise with a rental unit to reduce stress levels for both the landlord and tenants. Being attentive and available, or hiring a property manager that is, largely affects the rental experience for tenants. Communication has been proven to have a direct impact on tenant retention and satisfaction.
5. Keep Up with Preventative Maintenance
Completing regular preventative maintenance highly reduces future rental property issues, improves efficiency, and can save sudden emergency repair costs. Many landlords align their preventative maintenance with the seasonal changes such as fall and spring maintenance, as well as off-season when the rental unit is temporarily vacant. If a high ROI is what’s important, making the best property maintenance choices is a great way to achieve it.
These are just some of the endless tips available for landlords to provide tenants with the best rental experience possible. If a landlord is new to the rental industry, Places4Students.com has a blog for first-time landlords which can give additional tips and reassurance to those looking to acquire further rental knowledge. Resident experience directly impacts a property’s tenant retention rate and the landlord’s bottom line.
SEE ALSO: Showing Tenants Some Love – Small Gestures to Show Appreciation & Increase Lease Renewals
The Places4Students.com Team