Landlords, in general, don’t always have the best reputation. That doesn’t mean you can’t stand out as a fantastic Orlando landlord. If you’d like to be the best rental property owner you can be, we have seven tips to get you closer to that goal.
1. Provide a Great Orlando Rental Property
A great landlord takes pride in their property. Offer your tenants a home that’s clean, functioning, well-maintained, and nicely landscaped. You want their move-in experience to start with an attractive and welcoming home.
2. Establish Your Expectations
Before move-in day even arrives, you want to be clear about your expectations. Set your tenants up for success by taking the time to walk through the lease agreement with them. Highlight important sections such as rent collection policy and how to request repairs. Talk about emergency plans and how to contact you.
3. Communicate Clearly
Good communication is essential, and great landlords are available, accessible, and responsive. Practice active listening. Tenants who come to you with complaints aren’t necessarily disgruntled and complaining. They might just want to be heard. If you’re a good listener and a great communicator, you can find resolutions together. Tenants will remember that you listened.
4. Accept Online Rental Payments
Ease and convenience are critical to tenant satisfaction. Invite online rental payments or electronic money transfers so they don’t have to write checks or buy money orders. Modern tenants are extremely tech-savvy. They will do as much as they can digitally, and they’ll appreciate the platforms you provide.
5. Respond Promptly to Repair Requests
Maintenance is where things can go wrong quickly for landlords. Don’t ignore repair requests, and respond with a sense of urgency, even if you can’t get a vendor out to the property for a day or two. You want to let the tenants know what you’re doing to take care of their problem. Delayed or deferred maintenance is bad for your property and it’s bad for your tenant retention. Great landlords understand the importance of keeping their Orlando rental home well-maintained and safe.
6. Be an Orlando Resource for Tenants
Tenants shouldn’t hear from you only when something is wrong. Let them know when relevant things are happening in the neighborhood. Offer coupons or discounts to local shops, restaurants, and entertainment venues. Make sure families with children have the latest school district calendar. When you show your appreciation with small gifts and offerings, tenants will notice and respect the relationship that you’re creating.
7. Tell Your Tenants you Want them to Stay
At lease renewal time, a great landlord will usually be able to retain their tenants unless the residents are moving out of the area, buying a home, or doing something completely different. Show your tenants that you want them to stay by asking them to renew the lease agreement, expressing your appreciation for a great rental experience, and increasing your rental amount only in accordance with the market. Most tenants expect their rent will go up from year to year. Avoid large increases and your tenants will absolutely consider you to be a great landlord.
These are our seven best tips, and we have several more. If you’d like to learn more about being a landlord in Orlando or managing Orlando rental properties, please contact us at Park Avenue Property Management.