Many things go into running a successful rental property. Among these things is, simply enough, being a good landlord. Being a good landlord means properly managing your rental property while accommodating your tenants’ needs.
The following are some qualities that tenants are always looking for in a landlord:
Chances are, your tenant is moving into the area for the first time. This means they may need a helping hand to settle in. So, help make the overall process less overwhelming for them by providing helpful resources.
You may even want to offer them a printout of directions to facilities such as pharmacies and grocery stores.
While doing this isn’t your responsibility, it can lay the foundation for a good landlord-tenant relationship.
Your Minnesota tenants have a right to live in privacy. You aren’t entitled to go through your tenant’s unit and belongings at will. You must have a valid reason to do so, and serve proper notice beforehand.
Some of the most common reasons for landlord entry include:
Under Minnesota landlord-tenant law, a landlord must provide advanced notice of at least 24 hours prior to entering their tenant’s unit. Failure to comply with this notice requirement is punishable by up to $100 per incident if your tenant takes the matter to court.
A great landlord is one who is respectful and treats their tenant without any form of discrimination. It also goes without saying that this is required by law. Under the Fair Housing Act, landlords are required to treat their tenants fairly.
You can’t discriminate against your tenants based on race, color, religion, disability, sex, age, national origin, gender identity, familial status, or marital status.
So, make sure that you apply fairness in all activities you engage in, whether it be advertising your rental, screening prospects, or carrying out your day-to-day operations.
You can only establish a solid relationship with your tenant if you’re available when you need to be contacted. So, make sure you’ve provided your tenant with multiple ways to get in touch with you in case they need something.
Establishing yourself as a great landlord should start even before the tenant steps into their rental. Before they can sign the lease, take them through each of the clauses, taking time to answer questions to explain important details.
And while you’re at it, let them know about both parties’ rights and responsibilities. This will ensure everything is in the open from the get-go.
According to a survey done by the American Pet Products Association (APPA), about 85 million families (or 67% of U.S. households) own a pet. So, if you aren’t allowing pets into your rental property, you’ll effectively be locking out a huge chunk of prospective tenants!
Allowing pets into your property does carry some challenges, however. There may be an increased risk of property damage, for instance.
That being said, you may be able to safeguard your property by doing certain things.
For starters, you can charge tenants a pet deposit, similar to a normal security deposit. Minnesota laws don’t indicate the maximum amount you can charge. $200 to $500 is typical, however.
Secondly, you may be able to protect your investment by limiting the breed, number, and size of pets you allow.
Tenants appreciate landlords who are quick to respond to maintenance requests. As a landlord, it’s important to always treat your tenant as a valued customer. So, no matter how well you know them, business etiquette calls for quick responses.
If you’re going to be away on vacation, then let your tenant know well in advance. You may also want to provide them with an alternative contact that they can use to get in touch with you should an emergency occur.
Overcharging your tenants will only make them resent you. Also, they’ll be looking to move out the moment they get a chance to do so.
To set the right rent amount, conduct some neighborhood research. Find out how much landlords in the area are charging for a similar property with comparative amenities. Alternatively, hire a reputable property management company to help you with the pricing.
How much you charge tenants can make all the difference between vacancies and attracting quality tenants.
Renters will also appreciate a landlord who offers online rent payments. Online rent payments have been proven to be safe and convenient. Your tenants will appreciate the convenience, while you’ll love getting consistent payments every month.
According to a report by Money Magazine, 61% of millennials pay their rent online.
Making rent payments easier on your tenant increases the likelihood they’ll pay on time. Tenants will also have an opportunity to set up scheduled payments.
Landlords are expected to comply with numerous landlord-tenant laws. Sadly, not all landlords know the rules before renting out a property. This usually doesn’t end well.
So, before you rent out your property, make sure that you understand all applicable rental laws.
Being a great landlord has its perks. Among other things, you’ll experience high occupancy rates and generally have fewer issues when renting out your property. Follow these tips to get started on your way to becoming a great landlord in Minnesota.
If you don’t have the time or energy to dedicate to being a great landlord in Minnesota, contact MN Property Nerds. We’re a Minnesota property management company that can find and screen great renters for your property. We’ll take care of your tenants while increasing your ROI and keeping your property in great shape.