Becoming a landlord requires you to take on a lot of responsibility, both for your property and your tenants. Have you ever wondered if you’d make a good landlord? We did some research to find out what separates the great ones from the not so great. Check out 11 shared traits of fantastic landlords to find out if you’ve got what it takes!
To be an excellent landlord, you must be:
Even if you have great tenants and a great property, issues will still come up from time to time. Common challenges landlords face include dealing with tenants who are unable to pay rent, managing repairs or other issues that need to be handled on the property, and so on. As a landlord, you have to be ready to deal with and solve problems that may arise, which means doing whatever it takes to come up with a peaceful resolution and doing it quickly.
Dedicated to constant improvement:
Just like with a car, ignoring general property maintenance can really wreak havoc on your building’s value after a while. That’s why scheduling and completing regular maintenance is always going to be in your best interest. Doing things like repainting the interior of the property, replacing old, inefficient appliances or working to maintain nice landscaping will help to increase your property value, which in turn allows you to charge more rent.
You should always follow the golden rule; treat your tenants like you would want to be treated. Don’t be a landlord who makes frequently drops by unexpectedly or who turns the water off unexpectedly. Instead, call 24 hours or more in advance to set an appointment or to let them know you’ll be doing work on the home. Also, make sure you know and understand the landlord and tenant laws in your state and that you follow them carefully.
If you allow one tenant to have a dog and tell another tenant you have a no pets policy, you’re going to develop a reputation for being unfair. To maintain a positive relationship with residents, make sure you have open communication about policies and that you don’t allow certain tenants to have special treatment.
As a general rule, always be courteous to your tenants. If, for example, you need to have the water shut off for several hours, let tenants know far in advance and also apologize for the inconvenience. Doing so will not only set a standard for how you’d like to be treated in return, but it will also make communication easier and will help you quickly establish respect and trust.
Be patient, be calm, and don’t ever lose your temper with a resident (even if they’re disrespectful towards you). This is especially important if your tenant is upset with you about something. It will always serve you best to keep your cool and try to work out a compromise that works for both parties when conflicts arise.
Judgmental (in a good way):
Unfortunately, not all tenants are fantastic, so you must be able to separate the lies from truths. There is nothing wrong with allowing an extension or two for a tenant who falls on hard times, but if a tenant is constantly lying month after month something needs to be done. Or, if a tenant’s neighbors continually tell you the tenant in violation of the lease, you make need to make a call on when to confront them. A sound sense of judgment will help you decide what steps need to be taken and when.
You may encounter situations where your tenant is upset about an issue in their rental, and you’re trying to fix it but you keep hitting brick walls. Maybe your building maintenance company or another third party company is being unresponsive. When these things occur, you need to take ownership of the issue and go to bat for your tenants to alleviate the situation, even if it means taking time out of your day to make repeated phone calls to get the ball rolling.
Confidence is one of the most important traits that a landlord can possess. You are responsible for making sure your tenant’s home is an enjoyable place to spend time, and you need to feel confident in your ability to do so in order to attract new residents. If you appear to take that responsibility lightly, it’s going to be a major turn-off to potential renters.
Sometimes, you’re going to have surprise issues pop up and you’re going to have to get creative with quick-fix solutions. To be a good landlord, you must be able to think on your feet and to be able to quickly and easily identify, analyze and fix unexpected problems.
Between processing rent payments, managing utility bills, dealing with repairs and scheduling ongoing maintenance, you’re going to have a pretty full calendar. If you’re not organized, it can be easy to let things slip through the cracks. Make sure you’ve got the right kind of personality to manage all the day-to-day tasks that come along with the landlord role.
If you have at least eight of the above traits, you may be cut from the right cloth to be an excellent landlord.
Now make sure you know all the financial jargon:
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