Dreaming of becoming a landlord? These tips might help.
Are you planning to buy a property for investment purpose? Or do you have property that you plan to rent it out but do not know how to become a landlord? If you plan to become a landlord, you can always start by putting your house up for rent in Malaysia. Being a landlord is one thing, but being a good landlord is another. Being a landlord comes with a lot of requests and demands but it might not be as hard as you imagine it to be. To achieve this, you will need to manage your relationship you’re your tenants. These are a few tips that might help you to become a good landlord when you lease your unit.
1. Treat your tenants as your friends
This should not be an issue for you if you are an outgoing person. Even if you are shy, you can always try to be friendly by remembering their birthdays. Sending them birthday cards will make your tenants will special and in return, they will treat you as their own friend. Simple gesture like a birthday card or a text message is enough to make them feel warm and special.
2. Share the moments
Even though you are the landlord, it does not harm to share their sorrows. Send condolences messages or flowers to your tenants if you hear someone passing away. Offer comfort and make them feel better. You can also share their joy when they tell you something happy. Be happy for them and congratulate them. Send them Christmas cards and they will absolutely love it. Words are powerful and you will never know how a single word can affect one’s mood.
3. Be a part of them
If you are renting a room to a student, help him or her to feel connected. Introduce other tenants of the unit to him or her. Let her feel that he or she belongs or fits in the community. You can introduce him or her to the neighbors as well. After all, your tenant might be coming from a place far away and needs some time settling down. Help your tenants feel like they belong.
4. Keep up with maintenance
You as a landlord hold the responsibility of the repairing and maintenance work. Do make sure you follow up with your maintenance or repairing jobs. If at any time you get a repair or maintenance request, try your best to follow up with your tenants or the service provider to fix things. Be prompt with repairs and do not forget their needs.
5. Listen to their suggestions
Let your tenants have their fair share of voicing out their opinions. Listen to what they have in their minds and let them know that you appreciate their inputs and opinions. Only then you will gain their respects and they will love you as a landlord.
6. Enforce some rules
In order to have your tenants respect you, you will have to be firm and enforce some rules. Maintain boundaries, stick to the rules and policy and it will make your life much easier. Let your tenants know that this is still a business. Tenants should always pay their rentals before due date. A rule is a rule and if they break the rules, they will then need to face the consequences. Just like the tenants expecting the landlord to fulfill your duties, they should reciprocate by abiding the rules as well. You being a nice landlord should not give your tenants a chance to take advantage of you. Make sure your tenants abide the rules to save your from problems in the future. Draw a fine line between being respectful and being nice.
7. Keep it private
Keep all documents private and confidential. Protect your tenants’ privacy. Do not share your tenant’s personal information with another tenant. Not even your own friends. It is the landlord’s responsibility to keep all tenants’ information protected. Keep their personal information in a locked cabinet, or in the cloud online where you are the only one who can access to it.
8. Do not discriminate
Be fair to each and every tenant. It is basic human rights to be treated equally and fairly regardless of race, religion, skin color, origin, and gender. Treat each tenant with respect and dignity that they deserve and it will get back to you as well.
9. Provide security
Prioritize security. This will give a sense of safety to your tenants. Add alarm system in your house to keep your house and the tenants safe. When you make an effort to keep your tenants safe, they in return will be thankful and appreciate your effort.
Remember that being a great landlord will result in having great tenants. It is essential to be an amazing landlord if you want to become a successful landlord. Not only being a good landlord will make your tenants extend their contracts and stay for a long time, they will also do their best to pay their rents on time and cause minimal problems to you. However, do make sure you have a solid understanding of being a successful landlord before leasing out your unit. Of course, being a good landlord is a two-way traffic between the landlord and the tenants. Do your best and take responsibilities for your jobs, and the rest is all luck.