Being a landlord and owning property comes with many responsibilities and choices of action. Some call this career choice a stressful one, but there are many ways to make your landlord experience run smoothly and calmly. Whether it’s finding the right tenants, to fixing household issues; there are strategies to handle and make the best of it all. A great landlord is not only someone who cares for the property but someone who cares for their tenants as well. If you’re going to give your energy to providing the best home environment and living situation to your clients, it’s ideal you find people who will respect your wishes as well. Here are some simple and smart ways to handle being a property manager.
Ready for the Job
As you dive into the world of property management, be prepared to handle small to significant issues. Whether it’s accounting to light maintenance, a landlord covers a variety of topics and calls. The first tip on property management is getting a phone that is separate from your own phone. This keeps work and life on different ends and lets you know when a tenant is in need of your services. Invest in quality tools to help fix minor inconveniences like broken door knobs and appliances, so you don’t have to pay money to other companies. Start looking for areas to advertise for tenants that fit your target market.
Searching for the right tenants
When you’ve got your landlord toolbox stocked and ready to go, and you’ve got flyers ready to be advertised, Nate Armstrong’s next point of action is finding the right tenants for your property and yourself. This means strategically placing your advertising to attract the renters you desire. Discovering the right tenants on the first go keeps your turnover rate low and protects your cash flow. Ask for references, proof of income, and background checks to view their credit/criminal history. These procedures usually scare off those not interested in long-term renting or have little desire to conduct business professionally, Nate Armstrong mentions.
Understand the Law
As a landlord, you will be asked a variety of questions. Knowing the law and understanding your rights as a landlord give you answers to tough choices and issues. Knowing the facts about breaking a lease or maintenance repairs. Study the latest information about tenancy agreements and eviction notices in advance. This will take the stress off your job and gives you references when questions and situations occur.
Fostering Positive Relationships
Half of the business in property management is cultivating relationships with clients and your tenants. It’s a relationship business, either way, says Nate Armstrong. Take the time to foster those relationships by approaching your job with confidence and respect. Showing care for your property and your tenants guarantee you a less turnover rate and a steady cash flow. Anticipate your landlord’s needs and create a streamlined system for knowing when there’s an issue from late rent to maintenance before your client does.
Nate Armstrong is the Investor Relations Chair for Home Invest. His knowledge and understanding of property management have given folks from all walks of life to conduct business professionally while taking any hiccups as a learning experience and a growing experience within the industry. This guide he provides us with is perfect for the beginner landlord. It is also perfect for anyone in the property management business.