Working in real estate is sometimes a difficult and challenging career to work in. Sometimes, it can be a very easy and smooth sailing ride (at least if everything is working correctly.) Any career that values systems of income as opposed to transactional or hourly income is sure to be relatively volatile, at least in a certain sense. Of all the investment markets you could become affiliated with, real estate is at least the most predictable of those. After all, people want to live in properties, and many people can’t do without a home. For this reason, coming to a close understanding with clients is achievable in the majority of cases.
However, this doesn’t mean landlord work is always an easy gig. In order to figure out if you’re suitable for the trade, you need to understand what you’re getting yourself into. After all, working as a landlord is working a career in high return investing. For this reason, you want to get it right. To get it right, you need to be emotionally prepared. We’re here to offer you advice which should help you move through the emotional expectations of becoming a landlord, and preparing in advance for them.
You Might Be Disappointed
This is thankfully not the most common emotion, otherwise enjoying this career would become impossible, and no one would do it. However, even with the most diligent checks, you will bring in tenants who disappoint you once in awhile. By disappoint, we mean not hold up their end up the contract. Late rents, property damage, parties which draw negative attention to your property from the community, and even breaking simple no pet rules are all things you can expect to go through. Sometimes, this can cost a considerable amount of money to correct or write off. For this reason, you should plan for these contingencies, through tenant insurance, rent protection schemes, guarantees and deposits.
But why would this be disappointing you ask? Surely all business relationships, no matter which market you work in have the potential of breaking down? You’re correct, but the close personal relationship you might develop with your clients should be considered. After all, providing someone with a home, even as a business, is a real act of trust on both of your parts. It’s not uncommon for landlords to become friendly with their tenants, or greet them with friendly conversation during home repairs. Prepare yourself by ensuring you view your property letting as a business first, and a social provision second.
You Might Be Tense
When things are running smoothly, the life of a landlord is a great one. Maintenance needs do occur, but not at such a frequent rate that you need to pull your hair out. This recurring income can be a much nicer and relaxed career than most other jobs which are salaried, and the added bonus is that it’s much more profitable. However, when things do go wrong, they can collect and demand your attention all at the same time. For example, a broken boiler leads to no hot water, which in winter can be a real issue for a family. You might even need to relocate a family if extensive repair work needs to be undertaken for that reason, or another. This can come costly, so it’s important to develop a heightened problem-solving ability to complete issues with speed, grace and affability.
If you can manage these two emotions despite all the positives of real estate work, you will thrive in a career that’s truly rewarding.
