Believe It Or Not, Landlords Are NOT Inherently Evil!
5 Steps You Can Take To Be A Good Landlord
Hello again, Hybrids!
In today’s newsletter, I’ll provide my rebuttal to the “All Landlords Are Evil” myth and give you step-by-step instructions on how to make sure you are one of the good ones.
(Today’s issue takes ~3 minutes to read)
A common concern I hear from new investors looking to buy their first rental property: “I don’t want people to know I’m a landlord. What if they think I’m a slumlord?”
It’s a valid concern.
Here is a real message I received in response to one of our recent listings for a 3BR/2BA, 2,200 sq foot house, which we advertised at a fair market rent:
SPOILER: I was able to rent this unit with no problem at my asking price.
Despite people like our friend David perpetuating the stigma of landlords being evil people who nickel & dime their tenants, it's simply not true.
There are many landlords who prioritize the needs of their tenants and create a positive living environment for them.
Not only is being a responsible landlord “the right thing to do”, but it’s also the best way to retain good tenants long-term.
8% of tenants won’t renew their lease if they have a negative view of their landlord
12% say that poor maintenance conditions affect their decision to renew
Remember, vacancy will be one of your largest costs if you can’t retain your tenants.
Source: Study conducted by Avail surveying 1,100+ tenants renting properties in the U.S. (2019)
Now, we know it’s futile to try and control what other people think.
You can, however, control your actions and build a business that aligns with your values.
Here are 5 key ways to be a good landlord:
1. Effective Communication
Return calls and emails promptly
Schedule regular check-ins with tenants (I suggest once a quarter at a minimum)
Be transparent about maintenance and repair plans
Tip: Good communication is the foundation of a successful landlord-tenant relationship. Make it a priority to be responsive (or delegate to someone who can).
2. Respect Privacy
Avoid unexpected visits
Respect quiet hours
Give proper notice before entering a rental unit
Tip: Tenants have a right to privacy in their own homes. Respect their space and boundaries to maintain a positive relationship.
3. Regular Maintenance
Keep the property clean and well-maintained
Respond promptly to repair requests
Proactively address potential hazards
Tip: We reach out once a quarter to make sure there is no deferred maintenance. Stay on top of repairs to ensure the property is in good condition.
4. Fair Rent and Lease Terms
Know and follow local rent control laws
Offer fair rent prices.
Clearly communicate lease terms
Tip: Use tools like Rentometer to find market rent. Stay informed about local laws and clearly communicate all lease terms to tenants.
5. Empathy and Understanding
Show empathy for tenants
Be understanding in times of hardship
Offer support when necessary (but beware of being taken advantage of)
Tip: We send holiday gifts to our tenants every year with personalized letters thanking them for taking care of our homes. These little touches go a long way.
TL;DR: Being a good landlord requires:
Effective communication
Respect for privacy
Regular maintenance
Fair rent and lease terms
Empathy and understanding
By following these tips, you can break the stereotype of landlords being evil and create a positive living environment for your tenants.
See you next week.
-Aaron