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There is a big difference between a rental property owner and a professional landlord. Legally, anyone who owns rental property is considered a landlord, but a good landlord has a number of important qualities. A good landlord has a lot more to do than just expecting rent.

A good landlord thinks about the property and the tenant to anticipate and prevent potential problems.

A good landlord knows how to communicate effectively with his tenant, as well as with a potential one, anticipating his expectations.

A good tenant knows ahead of time his limitations and shortcomings of his property and does everything to balance or compensate for them.

A good landlord knows his competitors, knows the market and its trends.

There are many more qualities that define a high-class landlord, and below I will give 5 of these main qualities.

  1. Always good tenants

In the meantime, there is no need to worry about it. ”

You can have a great property in a better location, but if you have bad tenants, they'll make your life hell. A bad tenant spoils property, delays payment of rent or does not pay at all, spoils relations with your neighbors, etc. Expect only money and nerves from such a tenant.

I have already said more than once that it is time for us to introduce the practice of letters of recommendation from tenants as preventive measures against unscrupulous tenants. But at the moment there are only 3 preventive measures from bad tenants: a security deposit, insurance and the terms of the lease agreement, according to which the lessor can terminate the lease in case of violation of its terms.

A good landlord sees right through the potential tenant. Although trusting work with your agent helps him best in this. An agent interested in long-term and mutually beneficial work with the owner will do everything possible to identify and weed out unscrupulous tenants at the stage of viewing.

Another indicator of the quality of a potential tenant will be the stage of negotiating a lease agreement. Here it will be clear exactly what the future tenant is afraid of, where he is "playing".

But most importantly, a good landlord will always give himself enough time to rent out his property. He will not list his property on the market in the last week before or after the current tenant's departure. A good tenant understands that it takes time to get the best tenant, but he will not delay, sorting out potential tenants in anticipation of "something better."

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2. Always in touch

It is very important for the tenant that his landlord is always in touch. Therefore, it is very important to provide virtually round-the-clock communication with the landlord. No matter how high-quality or large-scale your property is, small problems always happen and they are very frustrating for tenants. Therefore, it is very important to respond quickly to the smallest problems before they develop into large ones. Even if at the moment there is no way to solve the problem, a good landlord will definitely contact the tenant and assure him that the problem will be solved.

3. Ability to anticipate problems

In the meantime, there is no need to worry about it. ”

Being able to anticipate a problem before it even occurs is one of the most valuable qualities of a good landlord. It is important to understand that a problem that seems small can be very annoying for a renter. This means that in the future, the lessee will use this problem to negotiate a rent reduction or the cost of a future lease upon renewal, if he wants to renew the lease at all.

If a tenant delays payment of rent for several days, a good tenant will try not to make a row with the tenant, but will try to get to the root of the problem in order to solve it in the best possible way. For example, when the crisis broke out and tenants began to massively delay payments, move out to cheaper apartments or demand a discount, I advised my clients to be the first to meet their tenants and offer a 20% discount on the current rent. I provided the landlords with clear information on why exactly 20% and what are the prospects for their tenants in connection with the current market situation. Subsequently, all the landlords called me back and said that this was the right step, because, as it turned out, 60% of their tenants planned to move into apartments 25% cheaper, and 40% just wanted to ask for a 20-25% discount. Thus, all parties were satisfied.

4. Tough but fair

In the meantime, there is no need to worry about it. ”

A good landlord must be able to balance strict adherence to lease terms and compromise. Sometimes you have to relax your own rules in order to keep the tenant, however, it is important to remember that if you once relaxed your rules, the tenant will most likely try to get the same relief again. It is important to consider carefully the implications of your compromises. For example, the owner of one of the apartments never allowed his tenants to keep large dogs, however, in the second year of the lease, the tenant persuaded the owner to compromise and allow his children to keep a dog in the apartment. As a result, the security deposit did not cover the cost of repairing the apartment after the damage caused by the dog, smells and disgruntled neighbors made themselves felt for a long time.

Before you compromise with your rules to please the tenant, it is important to foresee all possible consequences, agree on penalties with the tenant and demand their strict implementation.

In the meantime, there is no need to know about it. ”

5. Always ready

In the meantime, there is no need to worry about it. ”

The ability to self-repair a home breakdown is always a great advantage for a landlord. However, in modern society, this is very rare. In the best case, one owner out of five can fix the tap or outlet on their own. But the main advantage of a good landlord is the ability to quickly solve the problem. A good landlord always has 2-3 contacts of good, proven masters ready to help around the clock. It is very important to have complete contacts of such masters. It's a matter of security. You let a stranger not only into your property, but also to the property of your tenant. If something happens, the landlord is the first person to ask for damages. Who and what has done will be sorted out later. Therefore, it is very important to have reliable and trusted people whom you can safely, without your presence, be allowed to see the tenant.

In the meantime, there is no need to worry about it. ”

Despite the fact that renting out property is considered passive income, it is work and work that requires certain skills and knowledge, and it is these skills that distinguish a simple landlord from a good one.

Compliance with these simple rules allows the landlord to always have good tenants who carefully transfer his contacts only to their best friends. This approach always pays for itself: real estate is never idle, and tenants value good relations with such a landlord.