As the pandemic that dominated 2020 wore on, many workers found themselves furloughed, taking an involuntary pay cut, or out of a job completely, with few prospects for finding work while much of the economy was on pause. Some areas instituted a halt on evictions related to a tenant’s inability to make timely rent payments. A flurry of posts and comments on social media tried to paint landlords as greedy for charging rent at all. Thankfully, the sentiment never took hold.
Your Community Needs Good Landlords
In those areas where landlords allowed struggling tenants to continue occupying a home without paying rent, good landlords continued to make repairs, to pay any mortgage payments or taxes on the property, and to maintain the property as an asset in the community. Steven Taylor Los Angeles points out that it is a landlord’s responsibility to maintain a safe and functioning space for people to call home. That is part of the value the landlord brings to the relationship.
How to Be a Good Landlord
If you’ve decided to invest in real estate, it pays to be a good landlord. Before you even take in your first tenant, be sure that the property you’ve acquired meets safety standards, is in good working order, and is able to meet the needs of the tenants you’d like to attract.
Next, you want to find the right tenants for your space. It is your right and responsibility to screen applicants to find the right fit for your building. While no one should discriminate based on irrelevant factors, a person’s income, references from previous landlords, and criminal history are relevant to their potential to become a good tenant and a good neighbor to the others in your building. As you select your tenants, it’s important that you communicate clearly. Both you and the tenant should know your responsibilities, and how to communicate when repair needs or other concerns arise.
Being a landlord is a great opportunity, and also a great responsibility. Don’t expect to go it alone, advises Steven Taylor LA. To be an excellent landlord, put together a support network to help you through the inevitable challenges.
Good Tenants Appreciate Good Landlords
Renting a home, apartment, or office is a short-term investment. While there are many reasons a simple exchange of money for a well-maintained home or office may be in the best interest of a tenant, the landlord is the one making a long-term investment in the community. When a landlord invests money and time into developing and maintaining a building, an asset is created that makes living and working in the community that much better for everyone.