Renting out your condo unit can be an excellent way to generate passive income, but being a landlord is difficult. It takes a lot of hard work and dedication to become a good landlord who will give you not only money but also satisfaction and that coveted five-star rating. Being a good landlord encourages short-term renters to return and long-term renters to stay. Here are some pointers to help you become a great landlord.
Make a Welcome Note
Some may find it too cheesy, but the majority of renters find it cute and cozy. Please leave a short note welcoming them to your humble unit and expressing your delight at being able to accommodate them. You should also include some special instructions for the unit in your letter, such as the wi-fi password, how to turn on/off some gadgets or appliances, and your contact information, so they know how to reach you.
Assist Your Guests in Adjusting
Most of your guests will most likely be new to the area, so they will require assistance in adjusting to your home. To make the move-in process less stressful, give your guests a handout with directions to the nearest grocery store, transportation terminal, pharmacy, coffee shop, and other nearby facilities.
Endorse Your Guest Before They Reside
If you offer transient or short-term rentals, you can expect the majority of your guests to be travelers who arrive directly from the airport and are desperate for a good night's sleep. To avoid the inconvenience of having them wait by the lobby or entrance for confirmation, make sure to endorse your guests for move-in as soon as possible so that the concierge or security team is aware and can prepare for your guests' arrival.
Make Yourself Available
A good landlord should always be reachable when managing a condo property. Being reachable allows you to be the first to learn about anything that occurs to your guest or unit. You want your guests to notify you as soon as possible if they have maintenance requests, issues with the unit, payments, and so on, so you can assist them and provide them with necessary information on how to address their concerns. As a landlord, you must provide multiple ways for your guests to contact you, such as a mobile number, landline, email address, or social media platforms. This will help to establish and strengthen your business relationship with your visitors.
Store Toiletries And Cleaning Supplies
A good landlord must always consider their guests' needs. Bringing in toilet paper is the last thing on your guests' minds when they move in. Keep a roll of toilet paper and some hand soap in your bathroom. This thoughtful gesture will be appreciated by your guests. You can also keep some cleaning supplies and equipment on hand for your guests to use in order to keep your place clean.
Respond to Customer Reviews
Expect your guests to leave feedback about their rental experience on your page or website. Make sure to respond and let them know how much you appreciate their input and how much you hope to hear from them again. After they check out, renters may need to abruptly communicate their concerns with you and adequately blast you with negative reviews online. To maintain a positive reputation for yourself and your rental business, you must respond to criticism professionally and orderly.
Provide Hassle-Free Services
When you provide convenient services such as online payment collection, shuttle services, and so on, your customers will appreciate doing business with you. Your lodging should be relaxing rather than exhausting.
A good landlord is one who is honest. Inform your guests if there is a problem with your condo unit. Please don't make them feel responsible for breaking a broken appliance when it was never working in the first place. Keep them in the open. This also applies to unit inclusions as well as changes in lodging rates. Your guests will appreciate your candor.
Keep To The Terms Of The Lease Agreement
If you are a landlord, you must always be consistent and adhere to the rental lease agreement that you have established with your tenants. Whatever you have included in your lease agreement should be carried out, whether it is about the use of utilities in your condo or maintenance requests.
Maintain The Condition Of Your Condo Unit
Maintain and keep your condo unit in good condition at all times. Before renting out your condo unit to guests, it must be safe and livable. Before allowing guests to move in, inspect your unit for leaks, frayed electrical wires, and broken doors and windows on a regular basis. It is also critical that you take note of previous guests' comments so you know what to look for first.
Beware of Toxic Visitors
A responsible landlord is a good landlord. It would be preferable if you prioritized the well-being of your neighbors as well as your guests. If you receive complaints about your guests from your condo neighbors, always respond quickly and speak with your guests.
Keep in mind that you are ultimately responsible for your guest's actions. To save yourself from stress, conduct a background check on your guests first, especially those who will be staying at your home for an extended period of time. You can arrange a meeting ahead of time and conduct a brief interview to find out why they want to rent your home, if they were renting somewhere else before you, and if so, what made them decide to move, and so on. You must be aware of all of these details because you are renting out your property, not someone else's. You are also lending them your name as the landlord. You are responsible for whatever they do.
Be an Astute Investor
However, before you can become an excellent condo landlord, you must first be a wise condo investor. An astute investor looks for a reputable real estate developer who provides good value for money and has property management to keep your condo investment in good shape and reassure you that you made the right decision.