Being an exceptional landlord doesn’t have to be overwhelming. These 7 key practices will set you on the path to success.
In today’s environment, being a landlord comes with its own set of challenges. With numerous regulations and a growing demand for rental properties, staying organized and informed can feel like a daunting task.
At Andren Homes, we understand your desire to excel as a landlord. That’s why we’ve compiled this list of 7 essential practices for effectively managing your rental property.
1. Organizational Skills
Get Organized for Success
One of the most critical traits of a successful landlord is strong organizational skills, especially if you manage multiple rental properties.
You’ll need to handle leases, tenant screenings, deposits, inspection reports, and maintenance requests. Without a solid system in place, it’s easy to misplace documents or lose track of maintenance issues.
In this digital age, keeping everything organized online is a smart move. Create a dedicated folder on your computer for each tenant or property to ensure you can quickly find what you need.
If you prefer physical copies, establish a dedicated filing system for all rental-related documents, or consider scanning them for easy digital access.
2. Clear Communication
Effective Communication is Essential
Strong communication skills are vital for your success as a landlord. Poor communication can lead to misunderstandings with both tenants and service providers.
Prospective tenants appreciate regular updates on their applications. If screening takes longer than expected, provide daily updates on their status. Once approved, clearly outline the next steps, including lease signing and deposit payment.
Good communication is equally crucial for maintenance issues. When tenants move in, provide clear instructions for submitting maintenance requests. Keep them informed about the status of repairs and estimated completion times.
Establishing solid relationships with your vendors is important too. Ensure they understand the importance of keeping you updated on ongoing work.
Documenting all important communications in writing is a must. If a tenant wants to break their lease, add a roommate, or raise a maintenance concern, request that they submit their request in writing to avoid any misunderstandings.
3. Modern Technology
Embrace Up-to-Date Technology
Utilizing modern technology and software can significantly simplify your responsibilities as a landlord. This includes everything from online application systems to high-quality cameras for property photos.
You don’t need a professional camera for marketing; a decent smartphone or digital camera will suffice. If your budget allows, consider investing in a 360-degree camera for immersive property shots.
Ensure your photos are well-lit—natural light is ideal, but you can also adjust brightness settings or edit images after uploading to enhance the property’s features.
4. Legal Awareness
Understand the Laws Affecting Your Rental Property
With numerous laws enacted each year that impact rental properties, it’s essential to stay informed. Noncompliance can lead to costly legal issues.
In California, recent rent control laws have affected how much you can increase rent and the conditions for evicting tenants. Different laws apply to different property types, so it’s important to be aware of which regulations affect your rentals.
For instance, AB 1482 applies to multifamily units over 15 years old and properties partially owned by corporations.
You should also familiarize yourself with programs like Section 8. In Santa Cruz, landlords cannot refuse Section 8 tenants, and the screening process differs significantly from traditional applications.
Keeping up with changing regulations can be overwhelming, but subscribing to local real estate newsletters and attending landlord seminars can help you stay informed and prepared.
Action Items:
Consult with an attorney to understand the laws affecting your specific properties.
Subscribe to local newsletters for updates on legal changes—check out ours here!
5. Effective Tenant Screening
Select the Right Tenant for Your Property
Tenant screening is a critical process for landlords. While it’s natural to hope for ideal tenants, you must also comply with fair housing laws that prohibit discrimination based on factors like gender, race, or disability.
Consider taking a class on fair housing to avoid unintentional violations.
You can establish rental criteria that adhere to these laws while also allowing you to set restrictions based on credit scores, income levels, and rental history.
Document your criteria and include them in your rental ads to set clear expectations for potential tenants. Remember, while you can deny applicants based on certain criteria, you cannot discriminate against those with emotional support or service animals.
Consulting with an attorney about specific laws and their implications for your rental is always a good idea.
6. Proactive Approach
Being Proactive as a Landlord is Key
Unexpected issues can arise in rental properties, whether it’s maintenance problems or severe weather. Having a plan in place for these scenarios will save you time and resources.
Research and compile a list of reliable vendors ahead of time. If a plumbing emergency occurs or a tenant’s air conditioning fails, having trusted contacts on hand will ease your stress and help your tenant.
Thoroughly prepare your tenants before they move in. Provide them with essential information about parking, trash collection, and their responsibilities regarding maintenance. The more information you share upfront, the fewer questions they’ll have later.
Action Items:
Create a list of vetted vendors for quick access during emergencies.
7. Nurture Tenant Relationships
Build a Healthy Landlord-Tenant Relationship
Maintaining a positive relationship with your tenants is essential. Striking the right balance is key; you don’t want to be so strict that tenants hesitate to approach you, nor do you want to be too lenient.
As mentioned earlier, strong communication is one of the best ways to foster a good relationship. Keeping tenants informed about maintenance, application statuses, and move-in/out procedures shows you care about their experience.
Timely updates during maintenance issues are crucial. Even if you have no new information, letting tenants know you’re actively working on their concerns fosters trust and reassurance.
Transparency is also important—make sure tenants understand their responsibilities, such as replacing light bulbs or managing landscaping. This clarity will help avoid confusion.
Being a landlord may seem challenging, but by implementing these key practices, you’ll be well on your way to success!
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Logan Andren
Logan Andren is the founder and CEO of Andren Homes Property Management. Since launching the company, Logan and his dedicated team have simplified the rental property experience for numerous Santa Cruz homeowners. Their mission is to enhance the lives of their clients and community, focusing on providing exceptional service and fostering lasting relationships. DRE #02002055
Get in touch with us:
✆ : (831) 291-5043
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