There’s no doubt that being a landlord comes with plenty of challenges—leaky faucets and lawn maintenance among them. But one of the easiest things a landlord can do to achieve success is to manage those properties professionally. Simply put, that means treating your real estate business – and your customers with professionalism and respect.
Brandon Turner, senior editor at BiggerPockets.com, has some great tips designed to help investors become the most successful landlords they can be:
Tip No. 1: Run It Like a Business
Many landlords approach their rental properties as a hobby. But that won’t get you anywhere, Turner says. Instead, act as if you own these properties (which you do!). Take client screening seriously. Read a book on business leadership. Implement systems for quick and effective upkeep in the event something breaks down. Join a professional landlord organization.
Tip No. 2: Find Quality Tenants
“Bad apples,” as Turner describes them, can result in lost income and plentiful headaches for landlords. So consider factors such as stable monthly income and references while being careful to avoid breaking any laws or rules designed to protect tenants from discrimination. If you don’t know what you’re doing, enlist the help of a property management company.
Tip No. 3: Act Respectfully
You aren’t a land baron, so don’t act like it. This is a business relationship, and you should treat the people involved as such. Get to know your tenants. Make it easy for them to get a hold of you in a timely manner. Respond quickly to questions or concerns. Click here for more tips.