A contract is usually between two people agreeing to something that can benefit both of them. The same goes for a lease agreement: you agree to follow rules in your rental unit, your tenant gets a home, and you gain income. It’s a win-win for both parties. But one important element that must be included in this deal is mutual trust.
You would trust them that they will take good care of your property and they trust you to assist them with their needs for the duration of their lease.
Mutual trust is built upon meeting with them but that doesn’t stop there. There must be a conscious effort on both you and your tenant to maintain that trust and respect for one another. These are tips that you can follow to achieve this:
1. Make sure rent already covers utilities
This will help lessen the things that your tenants need to worry about every month. Knowing that you have it all taken care of can let them breathe easier as some may not know how much it actually costs. Having a fixed amount can help them to easily budget and they will appreciate the thought of having one less thing to worry about.
This will make things a lot easier for them and you will give a good impression that you are concerned about the inconvenience they might encounter when managing several bills at the same time.
2. When screening applicants, do not charge more than what’s necessary
It is normal to charge applicants for administrative and processing fees that are required during the screening process. This will usually cover your transportation expenses and your time spent with the screening. But bear in mind that you should not charge more than what is needed. If you overcharge, they will think that you will try to get money from them in any way that you can during their tenancy. They might suspect you of overcharging everything and this will put them off.
Related article: How to be an Ethical Landlord
3. Charge security deposits within reason
Normally, there are state laws that have limits on the amount that a landlord can charge for a security deposit. For example, in California, a landlord can charge up to three months’ worth of rent for the security deposit whereas, in Texas, the standard is just a month’s worth of rent. You have to know what that limit is because your tenants probably know about this and they will know if you overcharge. Do not give them the impression that all that matters to you is the money.
4. Present your tenants with your references
Not only will you get to know them, but they will also have the chance to get to know you. Again, this contract is not one-sided. You have to show them that you are a credible and professional landlord.
It is good to assure them that the money they will pay you will be money well spent. Use your previous tenants as your reference – if they will permit it, of course. Hearing the other tenants’ feedback will put new tenants at ease and they will start trusting you.
5. Help even if you don’t have to
Earn their trust by helping them without them needing to ask you to. It might seem like a small favor but they will appreciate the gesture. This is particularly helpful to those tenants who are new to the place and do not have any contacts who can assist them. Transferring to a new location can be very stressful and anything that can help them settle in will lessen their anxiety.
The same can be said for tenants with special needs. Some of them will be hesitant to ask for changes that will help them move around the property. If you think that an adjustment will make it easier for them, then offer to make that adjustment. Include their well-being in your priorities and they will be grateful for that.
It is not enough to just provide them with a house to live in. You have to include a lot more if you want them to be satisfied. The trust you build will aid in having a worry-free relationship with your tenants.
The applicants that will contact you have a preliminary idea on the property you want to rent out. This is because the listings you create at Padleads will be syndicated to well-known websites that are frequently visited by house hunters.