What makes a great landlord? Someone who is organized, reliable and a good communicator? Maybe all of the above.<\/p>\n
While you might not always feel like you\u2019re the ideal landlord, it’s worth remembering that many of the most important qualities to be successful in the business can be learned\u2014and there are steps that you can take to develop them, and learn how to be a good landlord.<\/p>\n
Below are eight key traits of that successful landlords should have and quick tips and trips you can implement:<\/p>\n
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As a landlord, you\u2019ll need to keep track of all kinds of moving parts and juggle many different tasks. Leasing to new tenants or dealing with maintenance requests involves a lot of paperwork. Not to mention saving and filing all those receipts for tax season!<\/p>\n
You should have a structured system to organize your files make sure you know exactly where all your important documents are kept. You should also have a reliable system of keeping track of appointments.<\/p>\n
Implementation:<\/b> Most landlords don\u2019t take full advantage of their smartphones, yet they can customized to become the ultimate organization and time management tool. Most smartphones today will allow you to scan a document to convert into a digital version.<\/p>\n <\/p>\n <\/p>\n The key to developing and maintaining positive relationships with your tenants is clear communication. You should respond to inquiries, questions and concerns as soon as possible to avoid frustration on their part. On the other hand, if you\u2019re planning any maintenance or making changes to policies, make a concerted effort to notify your residents well in advance.<\/p>\n Implementation: <\/b>Whenever you need to communicate important information, don\u2019t stop at \u00a0emails. A quick call or text exchange goes a long way and avoids the risk of the message not getting to the tenants. If you can\u2019t easily reach your tenant, leave a courteous letter in the doorway.<\/p>\n <\/p>\n <\/p>\n Rules and policies are incredibly important when it comes to establishing expectations and boundaries, but a good landlord knows when to be flexible. Demonstrating a reasonable level of understanding will earn you the respect of your tenants but it\u2019ll also make it more likely that they\u2019ll reciprocate should the roles reverse.<\/p>\n Implementation: <\/b>Being understanding and flexible doesn\u2019t mean you have to be a pushover. If a tenant asks for leniency or an exception, evaluate if giving in will create a problem or precedent you won\u2019t be able to recover from. If it does, explain to the tenant why you can\u2019t help them and offer an alternative solution.<\/p>\n <\/p>\n <\/p>\n Even though building relationships with tenants is an important part of being a successful landlord, you should still keep some distance. Being good friends with your tenants probably sounds like a great idea, but it can be a slippery slope. When tenants view you more as a friend than as a landlord, they are more likely to test your flexibility with lease terms or become a little more relaxed with their payments.<\/p>\n Implementation: <\/b>Treat tenants just like you would customers in a brick and mortar store. \u00a0There\u2019s nothing wrong with being welcoming and friendly but you should also keep your relationship professional in nature.<\/p>\n <\/p>\n <\/p>\n Regardless of your landlord style, consistency with the tenants is crucial. They should know from the minute they sign the lease what to expect of you. \u00a0This is important because holding different tenants to different standards can lead to tension and resentment which causes high turnover rates.<\/p>\n Implementation:<\/b> Your policies and rules should be clearly defined and available to all of your tenants. \u00a0Writing them down in a Google Document and making them available 24\/7 ensures that everyone gets the same message and can refer back to them at any time.<\/p>\n <\/p>\n <\/p>\n You might have an easier time leasing an apartment if you don\u2019t mention that a train runs right by the bedroom window every day at midnight, but that\u2019s no way to treat a tenant. \u00a0Transparent communication is essential, even if it puts you at a disadvantage from time to time.<\/p>\n At the end of the day, your tenants have to be able to trust you. \u00a0Establishing a positive and professional relationship leads to lower turnover rates since tenants will feel like they aren\u2019t being taken advantage of. \u00a0Similarly, they\u2019ll be more inclined to take good care of the unit since they humanize the landlord on the other end.<\/p>\n Implementation:<\/b> Be as open as possible and don\u2019t divert or deflect a tenant\u2019s questions or concerns. \u00a0Sometimes, being up front and honest will lead to a difficult conversation in the short term but it\u2019ll save you from having to constantly push back dealing with a situation in the long run. \u00a0For example, if an upgrade or repair keeps getting delayed, explain to the tenant why and what you\u2019re doing to resolve it.<\/p>\n <\/p>\n <\/p>\n Even when you are dealing with a rude or disgruntled tenant, it\u2019s essential that you maintain your composure to foster a positive environment. \u00a0A respectful relationship brings everyone to the same level of calm and understanding, even if it\u2019s one-sided at first.<\/p>\n Implementation: <\/b>Never forget the human on the other side of the exchange. \u00a0Just like you, tenants have day jobs and are subject to stress and pressure. \u00a0For most, one\u2019s home is a sanctuary from the outside world. So it\u2019s understandable if a tenant gets short with you if he or she feels like there\u2019s an issue with their unit. \u00a0Maintain your professionalism, show understanding and communicate clearly. Responding to disrespect with a dose of your own won\u2019t lead to a better outcome.<\/p>\n <\/p>\n <\/p>\n Landlords juggle a long list of things to do, but there\u2019s only so many hours in a week to get them all done. The result? \u00a0The list keeps growing week after week. It goes without saying that keeping your units maintained and in good order takes the top priority. \u00a0But how do you decide what to prioritize next? While it varies case-by-case, most successful landlords prioritize actions that realize immediate gains, or that put them in a better position for the future.<\/p>\n Implementation: <\/b>Whenever you have competing action items in your to-do list and can\u2019t decide which one to target and wrap up first, always ask yourself three questions: Which one has the largest and most immediate impact? Which one can benefit me in the long term if actioned now (conversely, how can it harm me if unactioned?) What\u2019s the lost opportunity cost compared to the other items on the list? \u00a0If you answer those questions honestly to yourself, your choices will be much easier to make.<\/p>\n By taking your experiences of different situations as a landlord, you can constantly improve and develop a positive reputation among your tenants and attract new, reliable applicants to your rental properties.<\/p>\n <\/p>\n What makes a great landlord? Someone who is organized, reliable and a good communicator? Maybe all of the above. While you might not always feel like you\u2019re the ideal landlord, it’s worth remembering that many of the most important qualities to be successful in the business can be learned\u2014and there are steps that you can […]<\/p>\n","protected":false},"author":20,"featured_media":488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[],"coauthors":[38],"class_list":["post-1028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlords"],"yoast_head":"\n\n
Clear Communication<\/strong><\/h3>\n
Understanding<\/strong><\/h3>\n
Professionalism<\/strong><\/h3>\n
Consistency<\/strong><\/h3>\n
Integrity<\/strong><\/h3>\n
Respect<\/strong><\/h3>\n
Ability to Prioritize<\/strong><\/h3>\n
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