How To: Be A Good Landlord or Tenant
To conclude our “How To” series, we at TPS will be discussing How To: Be a Good Landlord or Tenant! Keeping the landlord/tenant relationship healthy doesn’t have to be hard. The five characteristics that are most important on both sides are: Honest, Able To Pay, Respectful, Responsible, and Drama-Free.
Honesty is the first thing that comes up when starting a relationship between a landlord and a tenant. During the application process of a rental, it’s very important for the landlord to verify the information on the possible tenant’s application. While it can be tempting to write a white lie to better your chances of getting the space, the “white lies” will catch up to you. Honesty is the best policy!
A copy of the tenant’s drivers’ license should be requested, as well as their credit score since this reflects whether they pay their bills on time and what kind of debt they have. The renter should also call any references, employers, or past landlords to fact-check information.
While the rental term is ongoing, both the landlord and tenant should maintain honesty between them, whether it be about a broken appliance or about the rental fee.
Able To Pay
A good guideline to follow is that rent shouldn’t be more than 30% of the tenant’s income, but there can be instances where this isn’t applicable. A credit check, as stated before, is a good way to check how a possible tenant manages their money. Part of being a good tenant is renting within what you can afford, even if you don’t receive all your wish-list amenities. Paying rent on time is important since this can help maintain the landlord/tenant relationship.
Both landlords and tenants should be respectful towards each other, otherwise their relationship will start to suffer. Landlords could raise rent prices or evict the tenant, while tenants could abuse the property or pay rent late—or never! Keeping the relationship professional starts with the first meeting: make sure to present yourself neatly since first impressions are important.
There are many things both the landlord and tenant are responsible for, whether it be the upkeep of the rental or dealing with other issues. The rental should be kept clean, and any maintenance requests should be handled in a timely manner from both sides. Communicating is a big responsibility for both the landlord and tenant as well!
Neither the landlord or the tenant should make unnecessary excuses for their shortcomings. Tenants like this often have histories of late payments, and landlords usually have less-than-stellar reviews on rating sites. Try not to be too high maintenance and maintain the landlord/tenant relationship without any drama.
Being a good landlord or tenant doesn’t have to be hard, and can lead to a lot of future opportunities if the relationship is maintained well! Transforming Property Solutions is located at 223 W 3rd Street, Sanford, FL 32771. For more information, investors and realtors are encouraged to call 407-375-2317 or visit online at ww.transformingpropertysolutions.com.