Becoming a Prince George’s County landlord is simple. Buy a property, place some tenants, collect rent, and call yourself a landlord. Right?
Wrong.
Though at its core being a landlord is exactly that, the truth is there is much more to being a PG County landlord, especially if you want to be successful.
You must understand how to run a rental property business, handle customers (aka your tenants), and manage your time. Even if you are utilizing Maryland’s top rated property management company, there are certain things you as a landlord should nurture in order to satisfy your tenants and encourage them to renew their leases with you each year.
Today, we will look at some of the top things you should incorporate into your rental property business so that you can confidently call yourself a stellar landlord.
5 Easy Ways You Can Become a Stellar Landlord
1. Treat Your Business Like a Business
Investing in a Takoma Park rental property is not a hobby, though many landlords treat it as though it is. You invest your hard-earned cash into a property, sign a legally binding contract with tenants to collect money on a monthly basis that have specific rules attached to it, and maintain a safe and habitable place for other people to live in. Hardly sounds like a hobby to me.
However, time and time again landlords, especially those that continue to work at their “day job” don’t take being a landlord seriously enough. This can lead to many problems, all of which all landlords hope to avoid, such as:
- Poor tenant placement
- Late rent payments
- Excessive damage to your property
- And more
Stay organized, know what is going on in your property at all times, stay connected with your property management company and tenants, and respect the systems that are in place that make leasing a rental property a professional business. In the end, you will find a lot more success by doing so.
2. Give Your Tenants Privacy
When you hand over the keys to your tenants, it can be tempting to want to watch their every move. This is especially true in the beginning of your landlord career. However, tenants want their privacy. And, there are plenty of landlord-tenant laws that prevent landlords from constantly bothering tenants at all hours regardless of the reason.
If a tenant feels that you have overstepped your bounds as a landlord, they will probably not renew their lease at the end of the lease term. Worse, if you are violating any state or local laws, you could find yourself face-to-face with a judge having to answer for your behavior.
Use a high quality property management company in PG County to keep reasonable (and legal) tabs on your property. This is why you hire them. The peace of mind that results is worth it.
3. Be Available from Time-to-Time
Even if you use a property management company to manage your Laurel properties, try not to cut yourself off completely from your tenants.
Sure, everyday calls about this and that is why you employ a property management company. However, tenants are sure to feel more at ease when they know how to get in touch with their landlord.
If you don’t want to risk excessive calls, give your tenants a business email so that they can reach out to you in the case of a problem. This level of customer service on your part will go a long way in easing your tenant’s nerves should they feel they really need to talk to you.
4. Screen Your Tenants
This can’t be said enough.
If you are going to trust complete strangers to live in a property that you paid for, it is wise to screen them thoroughly from the very beginning. You do not want to find out halfway through the lease term that your tenants cannot make their rent payments or find out on their move-out date they cannot take care of your property in a respectable way.
Of course, there will always be cases that were unforeseen; that’s the risk you take as a landlord. However, properly screening tenants beforehand can ward off a lot of those issues.
If you use a Prince George’s property management company to screen your tenants, they should be looking for things such as ability to pay and prior rental behavior. Those with low income, poor credit, bankruptcies, criminal records, and prior evictions should be weeded out from the start. And, the only way this is going to happen is if you do a full tenant screening on every single potential applicant.
5. Be Resilient
Being a landlord is a tough job. Even if you only do it part time with very few properties. The key to making it is resilience. Know that bad things will happen to your rental, such as a fire, vandalism, and longer than welcome vacancies.
Learning how to weather these hard times for your business will bring a better outcome in the long-run. Learn from every mistake you make, every hardship you endure, and every tenant you encounter to make the next lease term that much more successful.
Additionally, know that it is okay to get help. With an experienced property management company by your side, despite hard times, you will come out on top.
Final Thoughts
In the end, being a stellar PG County landlord takes a lot of patience, experience, and knowledge. Plus, it doesn’t hurt to have an exceptional property management company such as Bay Management Group backing you up in times of trouble.
With experience in all things property management related, Bay Management Group can guide you into becoming the most stellar landlord Maryland has. We will help you with everything required of landlords from screening tenants to maintenance repairs, from extra vocal tenants to non-payment of rent. Knowing that Bay Management Group is available to help you manage your Prince George’s County rental property should inspire you to become the best landlord you can be. There really is no way but up when you’re teamed up with us.
