9 tips for getting your property ready to rent

Written by Chris Deziel on . Posted in appliances, edited, For Landlords, heating and cooling, landlord, Maintenance & Renovations, move-in, Move-in/Move-out, paid, painting, Step 10 - Repair & Maintain

Things to do when prepping a rentalA turnover gives you a little time to spruce up a rental in a way you can’t while it’s occupied.

You may not need to do a major cleanup or repair, but you can take care of some of the small but important details that make a rental attractive to quality tenants and ready to rent. You should always make repairs necessary to satisfy habitability requirements, but don’t stop there.

Here are 9 tips for getting your property ready to rent.

4 essential and inexpensive tasks

Once your rental is empty and disrupting tenants is not an issue, seize the opportunity by completing tasks that affect habitability, such as checking the smoke alarms and making sure all the electrical outlets and plumbing fixtures work and are safe. While you’re at it, pay attention to the following four tasks:

1. Test and service appliances

  • Turn on the oven to verify that the temperature on the dial and that recorded by a thermometer inside are the same.
  • Check the water heater pilot to make sure it’s steady and blue.
  • Wash a load in the washing machine and dry it in the dryer.
  • Clean out the dryer vents.
  • Perform any repairs that your tests indicate are needed.

Related: How to test appliances before a tenant moves in

2. Clean and deodorize

The entire unit needs cleaning after a lengthy tenancy, but especially the kitchen and bathrooms.

  • Grease buildup in the kitchen may call for a strong detergent, such as TSP, for removal.
  • Use liberal amounts of disinfecting cleaner in the bathroom.

Also clean the carpets. Unless the tenants who just moved out were particularly conscientious, they will probably need shampooing.

Related: How clean does my rental need to be when I move out?

3. Search for and eradicate mold

Look for mold in the following places:

  • Dark corners of the laundry room
  • Bathroom tiles and fixtures
  • Closets

Scrub mold with soap and water, but don’t try to scrub mold out of drywall. Unless the mold is clearly only growing on the surface paint, the only way to eradicate it is to replace the affected drywall.

Related: Is a Landlord Always Responsible for Mold Remediation?

4. Re-key or change the locks

It’s a good idea to change locks between tenants. If you can’t re-key the existing locks on the entry doors, replace them. This might be a good time to install keypunch locks that you can simply reprogram during the next turnover.

Related: 4 Considerations When Choosing Locks for Your Rental Properties

5 important jobs that may cost a bit

If you’re prepared to devote a modest sum—in the neighborhood of  $1,000—toward getting your unit ready to rent, the following items should be high on your to-do list so that you can attract quality tenants who’ll pay top dollar.

5. Paint the walls

Repainting a rental unit before occupancy is a good idea, but it isn’t something you always have to do to get a unit ready to rent. However, painting freshens up the space in a way that cleaning can’t. Professional painting costs from $400 to $700 per room, but you can reduce this cost by more than half by doing the work yourself.

Related: Save money by learning to paint

6. Spruce up the landscaping

If you’re renting a detached unit, pay some attention to the lawn, garden, and entryway.

  • Trim back foliage that covers windows or hangs over the roof
  • Edge the walkways
  • Plant a few decorative plants

You might even consider paying a contractor $100 to $150 to paint the front door, which Realtors advise is the easiest and most effective way to upgrade the exterior of a home.

Related: 5 hardscaping features that attract renters

7. Clean or replace curtains and window screens, and wash the windows

  • Take the curtains down, and put them in the washing machine or have them dry cleaned.
  • Remove the window screens, and wash them or replace them if they are torn or the frames are bent.
  • Consider having the windows professionally cleaned to bring light into the house.

8. Service the central air system

A vacancy provides a golden opportunity to bring in a technician to do a furnace and cooling system tune-up. It will include checking the seals in the compressor and blower, replacing the filters, and inspecting for small other small problems that could turn into big ones at some inopportune moment when an emergency repair is the last thing you need.

Related: Is My Landlord Required to Provide Heat and Air Conditioning?

9. Restore hardwood floors

A floor restoration, unlike a refinish, doesn’t involve sanding off the finish. Instead, you merely scuff up the finish with a floor buffer and apply a refresher coat. It costs a fraction of what refinishing costs and can make a floor in good shape—but dulled by years of traffic—look new again.

Don’t be afraid to spend money to make a unit ready to rent

The amount of time and money you have to invest in getting a unit ready to rent depends on the rental market and the condition of the unit. In a community with rental shortages, you may not have to invest much money or time at all. Things are different in a competitive market, but don’t worry if you need to make a small investment.

By working to attract renters, you’ll reduce downtime and future maintenance costs, thus recouping your investment and keeping your books in the black.

A biyearly maintenance schedule for busy landlords

Written by Chris Deziel on . Posted in edited, For Landlords, landlord, Maintenance & Renovations, maintenance schedule, paid, rental maintenance, Step 10 - Repair & Maintain

If you own rental properties, you know that each one needs a maintenance schedule. You have a couple of alternatives if you don’t want to pay a property manager or maintenance service.

  1. Create maintenance agreements with tenants.
  2. Find a way of working a rental maintenance schedule into your routine.

Related: 5 Ways to Save Money by Being Your Own Property Manager

The first alternative is a great idea if you have responsible, long-term renters. But it might not be such a good one if you have a high turnaround rate or unreliable renters.

If you find the buck stopping at your desk, and your lifestyle won’t accommodate a monthly maintenance schedule, don’t despair. You should be able to take care of most major maintenance issues with biyearly visits, preferably in mid- to late-fall and mid-spring.

Fall maintenance

When you visit your rental property in the fall, your goal is to get it ready for winter. Make sure the heating system is in good working order, and inspect the structure for any problems that could be exacerbated in cold and snowy weather.

1. Service the central air system

Fall is the best time to clean and/or replace all the air return filters as well as the filters around the heating unit itself. If the property has a wood stove or fireplace, it’s a good idea to get the chimney swept once a year. This keeps the fires burning brightly and prevents sparks from causing fires in places you don’t want them.

Related: Who’s Responsible for Furnace and HVAC Maintenance?

2. Clean the gutters

Prevent ice dams and icicles by clearing leaves and debris from the gutters. It’s a messy and slightly dangerous job, so you may want to hire a handyman to do this for you.

3. Winterize the garden

Shut down the sprinkler system and then drain it to prevent burst pipes. Mulch vulnerable plants to protect them from frost. You can make great mulch material by raking leaves onto the lawn, mowing the grass, and collecting the cuttings.

4. Check weatherstripping and patch holes

Replace worn weatherstripping on doors and windows, and check around the foundation for cracks and holes. Patch the holes with caulk. If they look inviting for rodents, cover them with galvanized flashing so the renters don’t have a winter pest problem.

5. Do a safety inspection

  • Look for rotted wood, lifting or sinking concrete pads, or anything else that could be a slipping hazard when covered with snow or ice.
  • Check handrails for stability.
  • Check outdoor outlets and light fixtures to make sure they work and that they are waterproof.

Related: Top 10 fall maintenance tips for landlords and property managers

Spring maintenance

Spring maintenance is mostly about troubleshooting damage caused by ice, snow, and freezing temperatures. Because the ground has thawed and the sun is out, it’s also the best time to make improvements that enhance the appearance and habitability of the property.

1. Maintain Drainage

Clear blocked downspouts and gutters, and repair leaks. Look for standing water in the yard or driveway, and improve drainage so puddles don’t turn into floodwaters during summer rainstorms.

2. Look for plumbing leaks and repair them

All pipes are vulnerable to freezing in the winter but especially exterior pipes that are partially or completely exposed. Turn on the water to full pressure, and check all the joints for sweating or active leaks.

3. Stabilize fences, decks, and handrails

Exterior wooden structures take a beating during the winter. Replace rotted wood, and tighten bolts and nuts to keep them serviceable throughout the summer.

4. Power wash

Clean dirty walkways, decks, fences, and sidings to keep them mold-free and looking their best.

5. Test the smoke alarms

Press the test button on each smoke alarm to be sure the alarm sounds. Check the dates on the batteries and replace any that have been in place longer than 10 years.

6. Seal cracks and holes

You did this in the fall, but you should also do it in the spring. Rodent and insect activity are highest in the summer months, and sealing them out is the best way to prevent an infestation.

7. Test the cooling system

If your rental has an air conditioner, make sure that it comes on and blows cold air.

Adding pool and septic upkeep

Some maintenance tasks are property-specific. For example, not every property has a pool or septic system, but if yours does, you need to regularly maintain them.

For pools

Closing a pool in the winter and opening it in the spring are two important jobs. Most landlords contract with a pool service for regular pool upkeep.

Related: A Landlord’s Guide to Swimming Pool Maintenance and Liability

For septic systems

Check the level of the tank in the spring, and pump it if necessary. This is something you should do every three to five years. Don’t let your tenants off the hook when it comes to septic maintenance, however. The way they use the plumbing affects the health of the tank and drain field. Give your tenants clear guidelines concerning septic use when they move in. It goes without saying that tenants should also do their part to dispose of trash and maintain sanitary, mold-free conditions.

Related: How to Educate Your Tenants about Using a Septic System

How to test appliances before a tenant moves in

Written by Chris Deziel on . Posted in appliances, edited, For Landlords, landlord, Maintenance & Renovations, move-in, paid

Landlords don’t have to supply appliances, but most do. After all, appliances make rentals more attractive.

If you furnish appliances, you’ll want to make sure they’re in good working order. You probably also want tenants to be able to use them to make their lives more comfortable and enjoyable.

Appliances don’t last forever, so when you’re getting ready to welcome a new tenant, test appliances to make sure they’ll last. Like people, appliances get sick, and when they do, they display recognizable symptoms. Looking for these symptoms when you test appliances usually doesn’t require any tools.

Related:

4 basic amenities that attract quality tenants

How long should appliances last?

The dryer

The dryer is the appliance that can cause the worst problems because it can overheat and start a fire. According to FEMA, dryers cause 2,900 fires in the U.S annually. After making sure the vent and lint trap are clean, dry a load of clothing you’ve just run through the washing machine and conduct these simple tests:

  • Turn the dial to manual and make sure the dryer starts. Check for excessive vibrations or squeaks, which could mean the drum belt is loose.
  • Set the timer to 60 minutes or the drying cycle to “Normal,” time how long it takes for the dryer to shut off. It will be 60 minutes if the manual timer is working. The timing is variable for an electronic dryer, but it should be close to 60 minutes.
  • Take out the clothes and feel how dry they are. If they still feel wet, the vent line could need a deeper cleaning. If you’re sure the vent is clean, it’s time to call a pro to check the burner or heating element on the dryer.

The washing machine

Like dryers, washing machines often malfunction because something in the outlet hose is blocked. In this case, the outlet is inside the machine, and you may have to have it professionally removed. But first, you need to know it’s there.

  • Do a load of wash and make sure the machine drains properly.
  • This test might also reveal strange sounds that could indicate a loose belt or a problem with the motor.
  • Doing a load of wash also gives you an opportunity to test the controls. If you hear any sounds, the machine vibrates excessively, or the controls don’t work, call a service pro. Most problems are fixable.

The refrigerator

Refrigerators also have moving parts, but they may make noise when they malfunction, and since a refrigerator is always on, you can probably hear it. The sounds are a warning to call a repair pro or get a new fridge. The gaskets, fan, and refrigeration system itself are also important.

  • Open and close the doors to check the gasket seal. You should feel a slight pull on the door when it’s almost closed. Replace gaskets that are torn.
  • Put a thermometer inside the fridge and turn the control to mid-range. Come back in 12 hours and check the temperature. It should be 40 degrees Fahrenheit. If it isn’t, turn the control to cold and check again in another 12 hours. Suspect a problem with the refrigerant if the temperature doesn’t reach 40 F.
  • Look for water on the ground or in the refrigerator compartment. It can indicate problems with the refrigerant or the controls.

The water heater

  • Turn on the hot water at every faucet and check the temperature.
  • Take a careful look at the color of the water. Cooler-than-expected water or a yellow or brownish tinge point to sediment and rust in the water heater.
  • Get it flushed before tenants move in to avoid water quality problems and premature water heater failure.

Related: The ultimate guide to “normal wear and tear”

The kitchen stove

The kitchen stove is probably the easiest to test.

  • Turn on each burner or heating element in turn and make sure it provides maximum flame or glow when the control is turned up all the way.
  • Set the oven to cooking temperature–about 400 degrees—and place an oven thermometer inside. Wait for it to reach the target temperature.

The other stove features are optional. They don’t have to work as long as you disclose that fact to the tenants.

Look for gas leaks

As you test appliances, be sure to listen for leaks coming from those that use gas. It’s a good idea to do a bubble test on each gas connection.

  • Make a 50-50 solution of dish soap and water and spray some on each connection.
  • If you see bubbles on any connection, tighten the connection.
  • If you can’t stop the bubbles, get a licensed gas technician to service the connection.

Check the lights, plugs, and smoke detectors

An outlet tester will come in handy. Plug it into each outlet to check for power.

  • Test GFCI outlets by pressing the bottom button on each one and verifying that the power goes off, and then press the reset button on the top to make sure the tester lights up again.
  • Turn on each of the lights to check for burnt-out bulbs.
  • Press the test button on each of the smoke detectors to make sure the alarm sounds.

Related: The long and short of smoke alarms

Give yourself time

As you test appliances, you may find problems that require professional repair. Give yourself time to make these repairs by conducting the tests at least a week before occupancy. That way, everything will be shipshape when tenants move in, and if anything goes wrong, it won’t be your fault.

Staple supplies for landlords to keep on hand

Written by Chris Deziel on . Posted in edited, For Landlords, landlord, Landlord Tips, Maintenance & Renovations, paid, painting, rental maintenance

If you’re a landlord who wants to run a tight ship, you need certain supplies on hand to deal with common situations.

These supplies include tools and maintenance items, paperwork to make your life easier, spare keys, and a way to remove unauthorized padlocks and chains.

Tools and supplies for basic maintenance

Your toolbox should include the basics:

  • Hammer
  • Saw
  • Tape measure
  • Screwdriver
  • Power drill

For small electrical repairs:

  • Multimeter
  • Wire splicing tool
  • Utility knife

For plumbing repairs:

  • Two pairs of locking pliers (One pair is for holding the pipe while you tighten a leaking fitting with the other.)

Besides tools, you’ll need a few supplies to complete repairs. If you keep an inventory of a few basics, you can complete simple repairs efficiently without repeated trips to the hardware store. The list isn’t long. It includes:

  • An assortment of screws and other fasteners
  • Wall anchors
  • Electrical tape, duct tape, and plumbing tape
  • Carpenter’s glue and 2-part epoxy

Related: A landlord’s toolbox for appliance repair and maintenance

Supplies for painting and cosmetic maintenance

When a tenant moves out, you almost always have to do some painting to make the rental ready for a new tenant. Keep the following in your paint closet:

  • Touch-up paint
  • Brushes
  • Rollers

The painting job inevitably involves a certain amount of wall repair. So it’s a good idea to also keep the following supplies in your paint closet so you can make these repairs quickly and minimize downtime for the rental:

  • Drywall joint compound
  • Drywall tape
  • Spackling compound
  • Patching compound
  • A four-inch putty knife and a 6- and 10-inch drywall knife
  • A paint scraper

Related: The top skill you should perfect: painting

Cleaning tools and supplies

Cleaning is an important part of the turnaround process, so your supply closet should include the following:

  • Mop
  • Assortment of rags and sponges
  • Bucket
  • Vacuum cleaner
  • Spray bottle that you can fill with vinegar (comes in handy for cleaning hard water streaks from the bathroom walls and shower door)
  • Squeegee

In addition, it’s a great idea to keep the following supplies in the cleaning closet:

  • Ammonia
  • Bleach-based cleanser
  • Dish soap for delicate cleaning jobs
  • Enzyme-based drain cleaner for slow drains
  • Scouring powder
  • Vinegar and/or hydrogen peroxide for disinfecting
  • Window cleaning fluid

Related: How to get your security deposit back

Paperwork to keep in your file cabinet

Your file cabinet should include the instruction manual for each of your appliances, as well as a copy of the warranty (if it’s still in effect). Besides these, it’s a good idea to keep the following paperwork:

  • Copies of lead paint and other disclosure forms that you are required to supply to new tenants
  • Fact sheets about the rental that include safety information and important phone numbers that you can supply to tenants
  • Ready-to-fill-out leases and/or rental agreements.

Related: Find a rock-solid rental lease and stick to it

Prepare for lockouts

It’s good practice to limit the number of keys you give out, and it’s an even better practice to have at least one spare set for each rental. Keep the keys in a place you can access quickly, and a late night emergency call from a tenant who has misplaced keys will be less of a bother.

Tenants who lose keys sometimes use their own locks to keep doors and other parts of a rental unit secure. It isn’t unheard of for these unauthorized locks to remain when the tenants vacate the premises. Keep a pair of bolt cutters in your toolbox, and you can remove them.

Related: 4 considerations when choosing locks for your rental properties

Consolidate all your supplies in one place

Not all landlords do all their own maintenance and repairs, but if you do, consider investing in an inexpensive used vehicle in which to keep supplies (except paperwork). This is a great idea if you have multiple units. You’ll always have the things you need right at hand, and you won’t have the hassle of organizing materials each time a job arises. You’ll save time and money, and every little bit helps to keep your rental operation in the black.

5 hardscaping features that attract renters

Written by Megan Wild on . Posted in edited, For Landlords, hardscaping, landlord, landscaping, Maintenance & Renovations, paid, Step 4 - Renovate & Decorate

If you’re having trouble attracting renters to your investment property, you might have a curb appeal problem.

Landlords typically compete for renters who might also be looking at condos and upscale apartment buildings that have professional landscapers. Renters want beautiful outdoor spaces that create a place to escape after a long day.

Consider adding some attractive hardscaping, the hard, permanent elements in your landscaping, such as concrete walkways, stone patios, or small ponds.

Why invest in hardscaping?

Property managers point out that an unkempt yard can attract less-than-ideal renters. An ugly outward appearance can also make it difficult to find renters for a property.

Related: Top 10 amenities renters can’t resist

Keep it as low maintenance as possible

The key to adding hardscaping to a rental property is to choose elements that require as little maintenance as possible. A small concrete bench with a clay flowerpot to the side filled with seasonal flowers is a nice touch, for example. You can easily and inexpensively swap out any plants that don’t do well or wither.

But you might want or need to do more than just putting out a nice bench. Whatever you choose to do, have a maintenance plan that either your tenants will be responsible for or that you will take care of, typically for a fee.

Find out which specific hardscaping elements are more attractive to renters and can even help you get higher rent for a property.

1. Decks and patios

Having a space of your own to entertain friends or relax on the weekends is very attractive, especially to busy working professionals. If your rental property features a small yard, add a deck or concrete patio to enhance the space and make it more usable. Another option is to install a patio made of pavers, which is often less expensive. These hard elements will last for many years, and the return on investment is about 70%, depending on the materials you use.

2. Retaining walls

Since you won’t be present at a rental property to assess any damage from rain or other natural elements, adding in features such as a retaining wall can protect your investment and add visual beauty to your yard. Retaining walls are made of a variety of materials. You can use stones, bricks, wood beams, or stamped concrete. Allow some space to add softscape materials for a pop of color from flowers or plants.

3. Plants

There should be a pleasing visual aesthetic between hardscape and softscape elements. A landscape that has an imbalance of mostly hardscape elements can look harsh and uninviting, and too many plants often create an unkempt look. As you create a hard and soft picture with a variety of elements, make sure there is adequate drainage between the hardscape and the softscape elements. A beautiful design that floods every time it rains isn’t attractive for long and could damage your property.

Related: 6 yard hacks to make your property more attractive

4. Water features

Adding a fountain creates a relaxing element to your landscaping. It can help attract renters because it makes your rental property unique. Water hardscaping can include fountains, which is probably the easiest and least expensive water feature to add to a rental property. However, it can also include a small pond. Whatever water feature you decide to add to your property, make sure it is clean, free from algae, and well maintained.

5. Swimming pool

Whether a swimming pool is the right choice for your rental property depends on where in the country your property is located. There are some liabilities with a swimming pool, so keep in mind increased insurance costs before purchasing a property with a pool or installing one. 

However, a swimming pool may be an attractive way to attract renters who are willing to pay more to have additional amenities. The key is to weigh the payoffs against the costs and risks, and then decide whether a pool will attract enough renters to make it a worthwhile investment.

Related: 6 considerations when renting out a house with a pool

A landlord’s guide to swimming pool maintenance and liability

When a potential tenant pulls up to your rental property, they should immediately feel at home. Hardscaping affords the opportunity to make an excellent first impression. It can also give you a leg up on other rentals in the area. 

How to find a contractor you can trust

Written by Chris Deziel on . Posted in contractor, edited, For Landlords, landlord, Maintenance & Renovations, paid, Step 10 - Repair & Maintain

Planning a large remodel? Needing someone to make an emergency repair? Looking to complete the support team for your rental business? If so, you’ll have many contractor options, but choose wisely.

Hiring someone who has few skills, manages time poorly, or is dishonest wears on your time and resources.

A trustworthy contractor usually has a network of tradespeople who can step in when the need arises. Find the right person and you may never have to search for qualified maintenance support again.

Related: How to build a little black book of contractors

1. Look for a trustworthy contractor

You can always find a contractor, but your goal is to find a good, reliable contractor you can trust. Here are some ways:

Through people you know

The No. 1 place to start searching for a trusted contractor is among your friends. Many of the best contractors stopped advertising long ago. They rely on satisfied customers to do their advertising for them. If you’re looking for someone to complete a particular task, find friends who have had that type of work done and ask for recommendations.

Neighborhood review websites

Join a neighborhood discussion group. When you ask for recommendations on sites such as Nextdoor.com, you usually get several leads, phone numbers and all. Yelp is another resource, especially for contractors who specialize in large-scale projects.

Online classified services (Craigslist)

Search the Services tab for your area, or post a job opening. If you post, be prepared to screen responses carefully because scammers are a fact of life in the world of online classifieds. Accept email replies only, ask for contact information, and initiate further contact yourself.

Local hardware and building supply centers

Here, you’re likely to find plumbers, carpenters, and electricians. Ask the customer service representative for business cards. They probably have several on file.

Related: 8 real estate professionals a landlord can’t live without

2. Ask questions…then more questions

Getting in touch with a pro who can handle your job is just the first step. You need to know more before you sign on the dotted line, especially if you’re contracting a big job. A trusted contractor can give you satisfying answers to the following questions:

  • How long have you been in business?
  • Have you done this kind of work before and how often?
  • Do you have references?

The last question is the most important one. A reference should include contact information so you can follow up. When you call the reference, you’ll want to know the following information:

  • Did the contractor do the work in a complete and timely manner?
  • Was the contractor well organized?
  • Was the contractor easy to work with?
  • Did personal problems ever interfere with the work?
  • Did the contractor charge a fair price for the work? Were there “extra charges”?
  • Would the person ever hire this contractor again?

Related: 4 tips for first time landlords

3. Schedule a meeting

In the end, trust your gut feeling about a person you’re considering working with. Schedule a face-to-face meeting before you sign anything. During the meeting, you’ll want to go over details of the job, but let the conversation wander a bit to get an idea of the contractor’s attitude to work. You might ask such questions as:

  • How long have you been doing this kind of work?
  • Why did you start doing it?
  • What was your favorite (most troublesome) project?

Touching on appropriate personal issues—such as family—and trivialities—such as favorite movies—might reveal some shared interests, which is a good sign. A trusted contractor, like a friend, is someone with whom you share a certain commonality and who speaks your language.

4. Remember, trust is a two-way street

It isn’t a good idea to micromanage a pro, but it is a good idea to stay in touch and communicate any concerns that arise. Addressing issues such as work standards or punctuality at the outset prevents small matters from turning into bigger problems later on.

If you have an emergency, you need a competent contractor. If you want to create an effective maintenance network for your rental, you need a trustworthy one. In any long-term relationship, even with a contractor, trust works both ways. Be honest, communicative, and reliable, and that’s probably what you’ll get in return.

Related: 8 traits of an ethical landlord

Be an ethical landlord

Written by Chris Deziel on . Posted in edited, ethics, For Landlords, landlord, Landlord Tips, paid, Step 10 - Repair & Maintain

communicationWhen a landlord has high standards, renters enjoy peace of mind. They know their comfort, safety, and happiness are important.

In return, an ethical landlord enjoys the benefits of happy renters who are more likely to treat the property with care and respect…and stay longer. And that’s good for business.

An ethical landlord has a mission: to supply comfortable and safe housing for a fair price. Here are the traits and practices you should adopt if you want to take this mission seriously.

1. Be accessible and responsive

Whether it’s noisy neighbors, a plumbing leak, or a fallen tree, problems happen. When one arises, renters need to know whom to call. And when they make the call, someone should answer. An ethical landlord will rarely have renters say, “I’ve been trying to get hold of the landlord, but no luck.” Even if it’s a problem you can’t fix immediately, such as rude neighbors, make it clear that you’ve heard your renters’ concerns, and you’ll take appropriate action.

Related:

3 must-learn landlord communication lessons

How to handle noise complaints from neighbors

Noisy neighbors drive me crazy. Now what?

2. Do maintenance right away

When things go wrong, renters’ lives are affected until those problems are fixed. An ethical landlord takes care of problems, whether they are leaks or toilet clogs, as soon as possible. If you can’t respond yourself, have a professional relationship with a local maintenance contractor who can respond on your behalf. It’s not a bad idea to develop a network of tradespeople to ensure that one contractor’s full schedule doesn’t prevent repairs from happening quickly.

Related: How to build a little black book of contractors

3. Set clear boundaries, but be flexible

Tenants have the right to enjoy your property, but they should never lose sight of the fact that it’s yours. The best place to assert this is in the lease, where you spell out your preferences and any rules you want tenants to follow. They’ll appreciate learning these rules before they sign the document, rather than after they’ve become settled.

An ethical landlord recognizes that life is unpredictable and can bend the rules when the situation calls for it. As the saying goes, “stuff happens.”

Related:

Compassion after the storm: Four ways to be there for tenants

7 extraordinary lease clauses I can’t live without

4. Be fair with money

You’re trying to run a business, but don’t gouge people. Besides, if your rents are too high, you’ll probably have difficulty renting your place. Research rental prices so you know what your property is worth on the rental market. A great tool for doing this is a Cozy Rent Estimate report. Set prices in a way that keeps you in the black without creating hardships for your renters.

Charge a security deposit—that’s standard practice—and return it in a timely manner to renters who fulfill the requirements for getting it back. If you need to keep some or all of it, give tenants’ an itemized list of charges.

Related: How to set the perfect rent price for your rental properties

5. Keep good records

When disputes arise over the condition of appliances or structural issues, you’ll be on firmer ground if you have clear records. Those records should include the dates when appliances were bought or serviced, dated statements from property inspectors, and invoices from maintenance and repair pros. When in doubt about whether damage is due to normal wear and tear or to renters’ negligence, those records can help avoid “your word against theirs” scenarios and keep you on the moral high ground. Besides maintenance history, your records should include a move-in checklist.

Related: 10 documents every landlord should keep on file

6. Keep renters in the loop

Good communication involves more than just being responsive. You should also be proactive when you become aware of issues that will affect renters in the future. Whether it’s a hike in the gas bill or the rent or an impending improvement project, renters appreciate knowing about it as far in advance as possible so they can be prepared.

7. Respect privacy

An ethical landlord doesn’t place property ownership above respect for privacy. Local laws may allow you to enter a renter’s home to perform inspections or repairs, but you should never do so unannounced. Make an appointment. That way, renters can be prepared for you, and they won’t feel violated.

Related: Can a landlord enter the property whenever they want?

8. Be careful with private information

When renters sign the lease, they entrust you with sensitive information, such as Social Security numbers. Abusing this information or losing it through carelessness is a violation of privacy, even though you may do it inadvertently. Taking care of that information by storing it safely, and using it only when necessary, shows your respect for privacy. If you keep the information on a computer, make sure the files are protected by a firewall. Better yet, store sensitive files on an external drive.

In a nutshell

When landlords maintain high ethical standards, it’s a win-win-win for landlords, renters, and the community at large. Not to mention it’s also good for business.

PayRent.com