Being a landlord in a fast-paced city like Philadelphia can be a demanding responsibility. You are required to manage a wide range of tasks, from finding the right tenants to collecting the monthly rents to addressing rental maintenance issues, if any.
If you are renting your house for the first time, you might be wondering what you can do to be a good landlord. Here are a few tips that might help.
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Create A Detailed Lease
Creating a detailed lease agreement is a crucial step at the start of the tenancy. As a landlord, you must consider the state laws and federal laws while drafting leases. It should include details such as number of tenants, their names, the term of tenancy, rent, the amount of security deposit, mode of payment, late fees, permissibility of pets, and tenant responsibilities.
Try to keep the words of the agreement clear, and easy to understand. This will help in avoiding ambiguity and minimize the scope of misinterpretation. Study landlord-tenant laws in Pennsylvania to get a clear idea of what can and cannot be included in the lease agreement. If required, you can get help from a professional Philadelphia property manager or a real estate lawyer to help you with the legal aspects of the lease agreement.
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Carry Out Proactive Maintenance
Regular maintenance of your property is the key to becoming a good landlord. If you want to earn decent rental value from your rental and retain your tenants, proactive maintenance is necessary. It allows you to get a tax advantage, lowers your maintenance cost, and increases your property value. Conduct regular inspections to find maintenance issues and damages and repair those right away.
Consider outlining the maintenance issues such as plumbing, fixtures, and repairs. When you inspect your property, make sure you check hot water tanks, kitchen appliances, sinks, bathroom vanities, window sills, and the roof.
You should also maintain the yard to boost curb appeal. Make sure you remove weeds, grass, and other unnecessary objects. Keep the walkways, landscape safe and attractive, and make sure the lawn is watered regularly.
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Keep The Channels of Communication Open
Effective communication is an essential soft skill that a landlord must possess. If it is difficult to visit your tenants, you can communicate with them through other means such as calls, emails, and messages. You must share alternative contact details as well, so that tenants can reach you during an emergency if you are not reachable through your regular phone number or email address.
It also gives your renters a sense of assurance and security, when they know that they can contact you whenever required. Make sure you maintain a record of all your legal channels of communication with your tenants.
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Offer Tenants the Option to Pay Rent Online
Statistics show that millennial and elderly renters often prefer to pay rent online. It is convenient for both tenants and owners as online rental payments are safe and quick. You don’t need to visit your tenants every month to collect rent. It also helps you keep a monthly or yearly record of your transactions as proof.
Going a step ahead, you can suggest that your tenants set a monthly reminder or schedule the payment, so they don’t miss the due date.
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Maintain Fair Housing Standards
Landlords need to follow state, federal, and local laws while managing a rental business. The Fair Housing Act, 1968 mandates that landlords should avoid discrimination based on class, religion, race, color, sexual orientation, nationality, and family background.
It is always good to be unbiased if you don’t want to get into legal discrepancies. In addition, maintain a calm and polite manner of talking so that your tenants do not feel offended or threatened. Also, a good landlord always needs to maintain complete transparency with his/her tenants.
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Hire A Property Manager
Hiring a professional property manager to maintain your rental property needs is always a good option. To be a good landlord, you are required to keep an eye on every factor of your rental business, including tenant screening, lease agreement, rent collection, maintenance, and evictions. In a practical scenario, this may not always be possible, especially if you live out of state or have a full-time job.
In such cases, it becomes convenient to hire a trusted property manager in Philadelphia, rather than doing it yourself. They can handle all responsibilities for you at affordable fees eliminating the weight on your shoulders to a large extent.
For more tips on being a good landlord, or if you require any assistance in managing your property effectively and fulfilling your responsibilities, connect with us at TCS Management. We are a reputed end-to-end property management services provider in Philadelphia and can provide in-depth professional advice for all your property-related queries.
