4 Ethical Practices You Need to Know Before Becoming a Landlord

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Written by TeamIdentity

If you go online, such as TikTok, you’re going to find plenty of people bragging about how they’re landlords, and they’re getting paid to do nothing but own property. But it’s not like that; a lot of people think it’s like that, but in reality, it’s just not.

Now, you have to keep in mind that becoming a landlord is more than just a business venture; it’s a commitment to providing a safe and comfortable living space for others.

Sure, there’s absolutely no doubt that the prospect of passive income alone can be enticing. Even just updating the property for more revenue sounds nice, but it’s not necessarily that easy. You have to have to understand that it’s important to approach this role with a sense of responsibility and ethical consideration.

After all, being a landlord means you’re not just managing a property but also impacting the lives of your tenants.

So, with that, all said, here are some ethical practices to keep in mind.

There’s the Sustainable Aspect

Well, this can come in two different ways, one being what’s best long-term for the property and for residents, but the other aspect being from an eco-friendly lens, too. So, for starters, you never want to try cheap repair solutions when it comes to the property. For example, if there’s a water leak, you’re going to want to do residential leak detection for the property, right? 

You don’t want to waste water (or money). The same goes for insulation for the property, too, as you don’t want to buy cheap insulation that doesn’t work, is not environmentally friendly, and is not in the best interest of the property or the tenants. This is just one (technically two) ethical consideration that landlords need, but this isn’t all either. 

Treating Tenants with Respect and Fairness

One of the foundational principles of being an ethical landlord is treating your tenants with respect and fairness. This sounds so obvious and generic, but seriously, you’d be so surprised by how common it is for landlords to act awful and disrespectful. 

This begins with clear and honest communication right from the start. When advertising your property, provide accurate descriptions and disclose any potential issues upfront. You have to understand that transparency builds trust, and trust is the cornerstone of a good landlord-tenant relationship.

The Rent Prices Need to be Fair

For some people, this is seen as a business, and it’s entirely understandable if you see this as a business, but you can’t just put whatever price you want on this. It shouldn’t always be about profit! Overcharging tenants can lead to financial strain and a higher turnover rate, which ultimately isn’t good for your business. 

So, you’ll have to do some research to determine the average rental prices in your area and consider the condition and amenities of your property when setting your rates. But does it end there? No, because you also need to think about rent increases as well (something a lot of landlords seem to do). 

You Still Need to Maintain the Property Responsibly

Unfortunately, a lot of landlords are guilty of this. It goes back to this idea of next to no investment and having the expectation of only getting nothing but large returns. But this shouldn’t be the reality whatsoever. You absolutely need to have regular maintenance and prompt repairs, which are crucial to ensuring your property remains safe and habitable.

As you know, this not only protects your investment, but also shows your tenants that you care about their well-being. If this is a business model you want to scale, then follow these tips to help you get started.

Photo by Luke van Zyl on Unsplash

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