Many people believe that being a landlord is simple and that anyone can handle the responsibilities. Experienced property managers, on the other hand, understand that being a good landlord entails a lot more than meets the eye. The qualities of a good landlord are responsible for bringing out a rental property’s true potential. Today’s best rental homes are the product of not one, but two key indicators: a desirable property and someone that exhibits the qualities of a good landlord. That’s why we’ve compiled a list of qualities that landlords should possess to attract and retain tenants.
Why being a good landlord matters
Once you’ve purchased your investment property it may seem like most of your work is done. However, having a desirable piece of real estate in terms of location and other assets is only one piece of the puzzle. Without managing the property well and being a good landlord, you’ll never capitalise on the true potential of your real estate investment. Instead, you run the risk of losing money on your investment while it under-performs against the competition. However, when a valuable real estate asset is run by a good landlord, the potential return on investment (ROI) becomes nearly limitless.
Key qualities of a good landlord
The relationship you build with your tenants is crucial to your success. It’s that simple. You need them as much as they need a roof over their heads, so foster an environment of respect. At the very beginning, sit down with your tenants and go over the lease and any rules you feel are necessary. Make sure they know what is expected of them in this partnership. When problems arise, deal with them as promptly as you would expect a problem in your own home to be handled and maintain open communication with your tenant until the problem is resolved.
Small issues usually lead to big problems. As such, address any problems as soon as they arise. This is not only the case with tenants but also with everything else associated with the property. Making good quality, speedy maintenance a priority will encourage tenant retention and attract more responsible renters.
If you decide to run the property yourself, you must be available at all times. Nothing irritates tenants more than being unable to contact their landlord. Regardless of how wonderful your tenants are, there will always be problems with the property. Although the majority of these are minor in size, that does not imply they should be overlooked. When you ignore a tenant, you increase the likelihood that they will become dissatisfied with you and the property. This can lead to them abusing the property and failing to inform you of events that may cause future issues.
Being a landlord is a lot of responsibility. Do you want your real estate investment to be successful without being overly stressful? You’ll need to be very organised and detail-oriented. This means everything from having an excellent filing system to ensuring regular upkeep on the property to the timeliness and professionalism in dealing with issues as they arise.
At the end of the day, you could say that a good landlord is a professional landlord. Being a professional necessitates all of the qualities listed above, as well as others. A true professional will also be well-informed, resourceful, trustworthy, and business-savvy. When dealing with tenants, you should be mindful of the terminology you use as well as the time of day you communicate. Be firm but fair when enforcing rules, finding ways to compromise when possible without putting your property at risk or being accused of unequal treatment.