New York is not letting go of its real estate crown.
It holds the top spot among the country's most expensive real estate markets. The market has risen by 6.1% from the 2023 Fiscal Year—currently at $1.4 trillion.
This is good news for property owners. But you need a good reputation to keep a steady flow of tenants.
If you are looking for answers on how to be a good landlord, this article is for you. From maintenance to communication, we outline some top tips for you below.
Maintain Your Property
In the world of property management, routine maintenance is vital. There is no room for neglect.
Being a successful landlord is predicated on how you treat tenants and your property. You cannot focus on one over the other; caring for your property is the best way to satisfy both.
Maintenance will guarantee that your property exists to serve you and your tenants. This ensures you have a continued passive income and that your tenants live in a safe environment.
Set up routine maintenance checks for your building. Just remember to notify the tenant first!
Have you spotted shattered windows or broken locks? Fix them promptly. Never leave anything for later; as the saying goes, a stitch in time saves a hundred—or in this case, thousands.
Partner With a Property Manager
Our second landlord tip is to find a good property manager. Partnering with a property management company is one of the best ways to keep your tenants happy.
Property management requires time and effort. You must comply with the Saratoga Building Code and regularly maintain your property. If you have other commitments, fulfilling your landlord duties may prove challenging.
This is where a property manager can help. They will help you stay on top of property issues and handle crises. An experienced property manager will ensure your property follows local codes and regulations.
Accurately Price Your Property
Becoming a landlord means setting rent prices.
With the average rental price in Saratoga between $2,106 to $2,865, selecting the wrong price might have tenants walking. An accurate rental price often leads to long-term tenants.
Several factors come into play when setting a price. A few things to consider include:
- Neighborhood
- Property value
- Distance from points of interest
- Amenities
Prioritize Communication
Communication is the cornerstone of every relationship. A lack of effective communication remains one of the top reasons for lousy tenant-landlord relationships.
There are two types of landlords:
- Those who communicate
- Those who do not communicate (and lose tenants)
If you do not want to be the latter, always keep your tenants in the loop.
A great way to improve communication is by using instant messaging tools. This way, you remain accessible to your tenants.
Help Tenants Settle In
Saratoga Springs is a vast city. If your tenants have moved from another city or state, they will probably appreciate any help they can get for settling in.
If you want to show you are a stellar landlord, list the best grocers, pharmacies, and medical centers for your tenants. If you really want to impress, leave tenants information about some of this area's world-class mineral springs or golf courses.
How to Be a Good Landlord Explained
Becoming a landlord is, in part, about keeping your tenants happy. Communication and partnering with a good property management company are the answers to the question, "How to be a good landlord?"
If you are a landlord seeking a property management company backed by years of experience, Veno Properties can help. We use state-of-the-art technology that allows us to provide exceptional services to both tenants and landlords.
Contact us to learn how we can help you manage your property.
