Anyone who owns a rental property is technically a landlord, but being a good one takes some special skills set. There is more to the job than just collecting rental payments. The best landlords know how to effectively communicate with their tenants and sense problems even before they happen. They also know their limitations and if there is a problem they can’t handle themselves, they get someone capable enough to handle such situations. Many factors go into the making of a profitable rental business. For landlords who are planning to stay in business for the long term, a good reputation is one very valuable tool.
Here are five traits that make a great landlord:
1. Your Ability To Sense Issues Early.
There is no denying that little issues usually lead to big problems. The best landlords have an ability to sense things early on so as to tackle the issue before it gets out of hand. As soon as a problem arises, get to the root of it. This doesn’t only apply to your tenants, it also applies to everything about your property. Good landlords are always willing to pay for preventive maintenance of their property to avoid issues in the long run that could likely span out of control. If your property needs thorough fixing, don’t do a small-scale job
As soon as a problem arises, get to the root of it. This doesn’t only apply to your tenants, it also applies to everything about your property. Good landlords are always willing to pay for preventive maintenance of their property to avoid issues in the long run that could likely span out of control. If your property needs thorough fixing, don’t do a small-scale job that would last for a few months, do a proper fix up so as to avoid the issue springing back up again. The earlier you sense and deal with problems, the smaller they become. Good landlords always have a way of doing this.
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2. Be Fair But Firm
As a landlord, striking the balance between been firm and fair is essential. Your ability to discern when it’s time to loosen up from the rock-hard stance you have taken up is what makes you a good landlord. However, doing this doesn’t mean you compromise your core values. If you don’t allow smoking or loud music been played on your property, make sure there is a consequence for the action. The minute you allow your tenants break the rules you set in place or the rules written in their rental agreement and go scot-free, you can bet your renters are going to keep at it. While you may not think that breaking a rule is a big deal, it can have an impact down the road. Smoking, for example, can leave quite a stench in the property that will reduce the interest in an event of a sale. Good landlords take enough time to think about what they want during the rental span of their tenants and what the penalties for some actions should be.
3. Be Available.
If you are considering running your property yourself, you need to be available when needed. Regardless of how great your tenants may be, there will always be issues with the property from time to time. Tenants are most likely to get upset when they have these issues and they aren’t able to reach the person in charge. However small they are, these pressing issues should not be ignored. At a minimum, you should return calls, texts or emails from your tenants, promptly. Communication is key! Even if you are not able to fix the problem right away, communicate.
Every time you ignore your tenant, you increase the chances of them feeling hurt. This can lead to them treating the property abusively and neglecting to tell you about circumstances that might lead to future problems. If you start to feel like the pressure of managing your property is too much or you simply do not have the time, you can always employ the services of a property manager.
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4. You Should Be Ready To Act.
As a landlord, you need to have a list of handymen or artisans. There are a handful of tasks that need to be updated with a rental property from time to time. Everything from maintenance to fixing up your property features needs attention. Good landlords should always build their contact list and have people they can call at any time. You never want to be in a position where you have to scramble around, looking for handymen when you need them. Not only is this tiring, it can end up costing you more as well.
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5. Keeping your distance
A good landlord keeps a respectable distance The last thing any renter wants is to have their landlord looking over their shoulder every minute of the day, scrutinizing them over inconsequential or the most mundane things. A good landlord knows to let his tenants keep their privacy and equally isn’t nosy.
Owning a rental property is a great way to build your portfolio. However, it requires a huge amount of work. The little things you do as a landlord can make all the difference.
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