San Luis Obispo Property Management Tips for Being a Good Landlord

92% of American properties are owned by individual investors.

If you’re among them, or hoping to join their ranks soon, you undoubtedly want to know how to be a good landlord. A day in the life of a landlord sounds great, and it certainly can be, but it also involves a lot of hard work.

So, what makes a good landlord, exactly? In this property management tip guide, we’ll outline how to keep tenants happy and how to ensure your business thrives for years to come.

Treat Your Business Like a Business

Whether you just bought your first rental property, or you’ve been a landlord for years, always remember that it is first and foremost a business.

You should open a separate business account dedicated to your property management endeavors. Save all your receipts and track all your expenses. Don’t assume that your homeowner’s insurance will cover problems that arise, and you’ll want to investigate landlord insurance as well.

As a bonus property management tip, remember that a tenant’s security deposit is their money, not yours. You’re merely holding onto it until they move out and you verify the property is not damaged. Set it aside in a separate account and don’t spend it under any circumstances.

On that note, keep in mind that you didn’t become a landlord to make new friends. You should be respectful, kind, and courteous to your tenants, of course, but you’re not their buddy or their pal. It’s a business relationship, and that’s how you should treat it.

Don’t Rush the Screening Process

You can be the best landlord in the world, but that won’t make a bit of difference if you have terrible tenants. It’s understandable to feel anxious if your property is sitting empty, but you need to avoid the urge to fill it with the first person who comes along.

A friendly smile and a signed application aren’t enough to judge a potential tenant. It’s worth every penny to do a full screening of applicants. This should include:

• Credit history
• Criminal background check
• Employment verification and history
• Rental history
• Personal and professional reference check

It might seem tedious to find suitable tenants, but your efforts will be worth it. It takes a lot more time (and costs a lot more money) to evict a bad tenant than to search for a good one.

Understand Local Rental Laws

Over 63% of people who live in San Luis Obispo and surrounding communities are renters. They might not know the ins and outs of rental laws, but that’s a fundamental part of your job description.

For example:

• Are you familiar with the discriminatory practices outlined in the Federal Fair Housing Act?
• Do you know which type of bank account you need to hold your renter’s security deposit in?
• Do you know what you legally can, and cannot, do if your tenant stops paying rent?
• Are you up to date with California’s updated rent caps under the Tenant Protection Act?

Clearly, there’s a lot more to what makes a good landlord than sitting back and collecting rent payments. You don’t need to be a legal expert, but you do need to know enough to ensure you’re both compliant with and protected by law.

This is one reason why many landlords turn to property management companies that can help them navigate landlord-tenant laws.

Perform Regular Inspections & Maintenance

One of the most important aspects of being a good landlord is keeping your property safe. The truth is that even the best tenants will never be as invested in, or as careful with, your property as you are. The responsibility falls on you to find and correct any issues that arise.

The best landlords are proactive rather than reactive. They schedule inspections and perform routine maintenance rather than waiting for something to go wrong. Move-in and move-out inspections are vital to spot and fix any small problems before they become worse.

Be sure your lease agreement explicitly states what you are responsible for, and what the tenant is expected to do. For example, which party is responsible for changing light bulbs or air filters? Who’s expected to maintain the sprinkler system or the laundry equipment?

Hire a Property Manager to Help You

It’s understandable if you’re feeling overwhelmed by this point. The truth is that this only the tip of the iceberg when it comes to how to keep tenants happy.

If you really want to know how to be a better landlord, it’s time to consider partnering with a professional property management company. We’ll have your back when the apartment floods at 2 am, but we’ll also do a lot more than that.

To attract the best tenants, we’ll take professional photos, write an amazing description, and even create a 3D video tour of your property. Our in-depth screening reports reveal eviction history and other important facts that often remain hidden. We even do pet screening if you allow renters with pets!

Use Our Property Management Tip Guide Today

So, what will you do with this landlord tip guide?

Feel free to refer back to it any time you start wondering how to keep tenants happy and how to be a better landlord. No one does it perfectly, but the advice above will make you the best landlord you can be.

At Genuine Property Management, we’re dedicated to helping Orange County landlords with every aspect of their rental property management. Same-day deposits, professional advertisements, tenant screening, and 24-hour maintenance are just a few of the many services we offer.

Visit our Property Owners page to learn more about our unique business model and how it will transform you into the best landlord in your neighborhood.