Why do you think some landlords become successful entrepreneurs while others have a hard time developing their rental business? The harsh truth is that landlording isn't for everyone. But fortunately, there are a few traits any landlord can develop in order to build wealth while running a property management business.
Here are the 5 qualities of highly effective landlords:
They are responsive and responsible.
A highly effective landlord tackles all the issues that arise and promptly responds to any tenant problems. They are aware that the longer you procrastinate a task, the more work you get in the long run. Procrastination definitely holds you back from being a successful landlord.
Being a highly effective landlord also means feeling a sense of responsibility for providing your residents with good housing conditions and constant support. If a tenant reaches out to you regarding an urgent maintenance issue, it's your responsibility to resolve it in a timely manner or contact a service professional, if necessary.
While it's important to be accessible and stay in control of your rental properties, don't forget to respect the privacy of your tenants. Since the tenants have the right to quiet enjoyment of their rental, you're not allowed to enter their home whenever you want - at least 24 hours written notice should be given to the tenant prior to entering the property.
Related: Top 5 Time Management Landlord Tips: Simple Ways To Save Hours
They focus on business improvements.
A highly effective landlord focuses on constant improvements to their business and tries to follow the latest property management trends. For example, if you need to increase occupancy, you may want to allow pets in the rental or add a few brand new appliances to attract more renters to the rental.
Most successful landlords improve their rental business by investing in more properties. Simply put, the more profit you generate on a regular basis, the more you can accumulate in the net worth.
They keep everything documented.
By keeping everything documented, you're bringing your landlord business to the next level. A highly effective landlord uses a property management digital tool to keep everything in one place and manage properties more efficiently.
With the help of online tools, you can generate lease agreements, conduct background checks, and keep your tenants' rental applications in your account without the need to store tons of paper documents.
Related: Top 3 Useful Property Management Tips For The Long Distance Landlord
They're willing to learn.
A successful landlord never stops improving their professional skills. So keep on learning new things about real estate, property management, psychology, etc. Also, get acquainted with rental laws and regulations in your area (or at least know where to get accurate information).
Another great source for useful knowledge is other landlords who might have different experiences and advice to share.
In short, keep on learning! Because that's what highly effective landlords do.
They have strong communication skills.
Due to strong communication skills, successful landlords know how to get along with their tenants. An average tenant expects to get as much information as possible before moving in. They'll ask about policies, security deposits, subletting, late fees, etc. Apart from being prepared with all the answers, you should stay polite and respectful to your potential renters.
The ability to communicate clearly is the key to becoming a highly effective landlord and staying on good terms with your tenants.
How To Grow A Rental Business: Top 5 Landlord Tips
