A lot of people want to become landlords, but very few succeed in their endeavours. Being a landlord is a complicated task with a lot of responsibilities, and anyone who is unprepared will ultimately suffer the financial consequences.
Being a landlord requires a unique set of skills that not everyone possesses. There are no formal qualifications that give you the title of a good landlord—it’s just something you know when you finally reach that point. However, that’s not to say that an education doesn’t help. Of course, experience will always trump whatever formal learning you’ve exposed yourself to, but it always helps to learn about your career of choice before diving into the deep end.
So what makes a good landlord? There are multiple things, and here’s a couple of tips to get you started.
Treat it like a job and a business
One of the first things that separate a good landlord from a bad one is how they treat their business. A lot of people think that being a landlord involves sitting at home, working your main job and then collecting money each week from your property. This couldn’t be further from the truth and it hurts many professional landlords when newcomers think that’s all there is to their job. If you treat your role as a landlord as a job and a business, then you’re more likely to take it seriously and there’s more risk when you screw something up or make a mistake.
Target the right properties
A good landlord understands the difference between a quality investment and a terrible one. For instance, they’ll look at leasing agencies such as STL CityWide and they’ll determine if those are profitable ventures based on the cost of investment and potential for return. They’ll look at the area, they’ll take a note of the local amenities and they’ll scout the competition in order to give themselves an upper hand over other landlords and realtors.
Promoting good vibes and behaviour
Most people don’t like to deal with their landlord. They’re usually grumpy, they take forever to deal with repairs and they can be extremely picky with their tenants. Although some of these things are warranted, it’s always a good idea to try and be approachable and friendly when you’re a landlord. Don’t discriminate against certain races or sexuality, reinforce good behaviour and make sure your tenants are happy. At the end of the day, a happy tenant guarantees that they stay longer and pay their rent on time. Being a landlord with a bad personality or attitude will only make it harder for you to find tenants in the future and ultimately ruins your chances.
Keep friends and family out of your business
It might seem strange to deny friends and family the chance of living in your properties, but it’s a rule you should enforce if you want to keep your business as professional as possible. You’ll be forced into making terrible decisions such as kicking your relatives out because they aren’t paying on time, or accepting those losses to keep your relationship stable.