Being a Great Landlord Doesn’t Mean Big Costs

Landlords who work with tenants could see a bigger return in the end.

While perusing the Internet, I came across an article discussing some ideas and stories of how owners can be great landlords for their tenants without major costs to pocketbooks or time. The full article can be read here.

The gist of the article says that great landlords respond quickly to concerns or maintenance, help tenants with rent payment plans, or waive late fees. Also, if the rent isn’t received by the due date, owners generally are not moving forward with eviction proceedings.

In return for the kind gestures, tenants are keeping an eye out for the property and notifying the owner if something isn’t working correctly in the common areas of the complex. This is a major deal for the owner of a multi-unit complex who’s not frequently on-site. A broken landscape water line could equal a costly water bill, or a light out in the common area could pose a security issue. Also, tenants who feel good about their landlords, will in turn help the landlords out as well by taking care of small maintenance items within the home and not bother the landlord about them.

Another major benefit to note is that owners who work with tenants during short periods of rough times, generally keep their tenants longer. Not charging those late fees or working out a payment plan for past due charges may entice the renters to stay in the property when their lease is up, instead of moving to a home with $100 less rent each month. Long-term tenants who pay $1000+ per month in rent will in the end most likely equal a higher gain for the owner than constantly charging $50 each month for late fees, to which the tenant may just move out as soon as they can.

With the economy these days, it helps to be an understanding landlord. We all know that owners have bills to pay as well, but a small setback now could pay off later. Being in the property management field, we act on behalf of the owners and take care of the every day items with a property. However, a big theme that we are seeing which helps our tenants is that our owners are not raising rents after a lease ends. Small items like that are what’s keeping tenants for years.