Investing in any kind of real estate property is an intimidating feat. Whether you’re purchasing your first home or if you aspire to make it big by renting your property out, you’re committing to a lot of work by owning it. Landlords face the most work of all.
Everyone thinks they know how to become a landlord — it seems simple enough. All you need to do is buy some property and then open for rent, collect fees from tenants, and you will have passive income, right? Nobody ever recognizes the risk that goes into those steps, or how much work it takes to be a good landlord.
Most importantly of all, landlords work hard to maintain positive relationships with their tenants. Paying rent can be humiliating for some people, and difficult for others. Managing relationships with people in the same way you maintain your investments are all part of the game!
Not everyone can play it well. Yet, if you know how to be a good landlord, you can make massive amounts of money and may even be able to expand into new areas! And to learn how to be a good landlord and play the real estate game well, just keep reading below!
Attract Tenants, But Treat Them Like Family
Everyone needs a place to live — that’s just one of the fundamental truths of life. That fact means anyone can succeed as a landlord because people will always need land to live one. All it takes is diligence and perseverance to make your name in a market, even if you don’t think it’s possible to succeed in one!
Yet, some markets are more competitive than others. In some markets, all you need to do is announce that you are opening your property for rent and people will come flooding in. These markets don’t usually provide people with many options on where to live.
Other markets give people options on where to go, and people will always choose the best. You can make sure that you’re the best choice for anyone by treating the people that come to you like family. By working to make people believe that you see your tenants as a family and as a community, they’ll never want to leave!
Real Estate Markets Are Cruel — Invest in Marketing
Real estate marketing is fundamental to any landlord’s success. While people are always looking for places to live, they’re not always very good at finding places. By investing in marketing for your properties, you can connect with more people who may have otherwise never found you.
There are several kinds of marketing you can invest in, too. Most traditional marketing, where you purchase advertising space and billboards, simply informs people that you exist. Content marketing helps boost your image as a market leader so that people will trust you more with their business.
Social media marketing connects you with your local community so that you can play a larger role in it. When it comes to marketing your rental properties, the choices are endless. And even investing in just one option is still better than choosing none and staying invisible to everyone.
Your Reputation Precedes You
A lot depends on your reputation as a landlord. If people hear that you aren’t trustworthy with rent payments, or that you neglect your properties, they won’t give you a chance. Yet, if they hear that you’re flexible with payments and work with tenants, they may end up getting excited to live in your properties.
And there’s a lot you can do to boost your reputation. For example, you can invest in a variety of amenities for your properties, to enrich your tenants’ experiences there. If you build a pool for your community of tenants, or if you purchase a laundry facility for them, you demonstrate your commitment to seeing them happy.
Word will get around that you’re a good landlord, and you will find more business as a result!
Maintain Your Investments, Make Them Homes
Working on your relationships with tenants isn’t the only thing you need to do to succeed as a landlord. You also need to work on your properties by maintaining and eventually expanding them. It’s important that you treat your buildings as if they were people and care for them so that they stand strong.
Not only should you try to maintain strong buildings to improve your business, but you should also do it to comply with the law. As a landlord, it’s your responsibility to make sure people have safe living conditions. So, if there’s an infestation in a building, or if it’s not structurally sound, you’re legally responsible for handling it.
Comfort is Quality, So Make Sure Tenants Are Comfortable
Maintaining your buildings isn’t just a legal responsibility — it’s also a savvy business move. When your buildings are well maintained, your tenants will feel more comfortable living in them. As a result, they will be more likely to pay fees on time and to tell people how much they enjoy living in your buildings.
So, make sure that your tenants are comfortable in their own homes. As the season changes, make sure that your buildings are well insulated with sealers like Speedliner, or another high-quality coating. Invest in infestation prevention treatments, and other preventative measures.
Always think about how your tenants feel living in your buildings, and make sure it feels like home to them!
Follow Up on All Tenant Requests
One of the most important things to do as a landlord to is follow up on maintenance requests. They do more than just help you follow the law and ensure that your buildings offer safe living conditions. Tenant maintenance requests can also notify you if something is seriously wrong with a building.
For example, a tenant complaining of a leaky faucet can be the first step towards finding a burst pipe in a building. Addressing it early will ensure no mold develops, and that you don’t need to condemn the whole residence. Always follow up on tenant requests — you never know how important they may be.
Knowing How to Become a Landlord Is Easy
It’s easy to read about how to become a landlord. In theory, becoming one just takes some simple, easy steps that anyone can accomplish. Yet, putting those theories into practice takes a strong and focused kind of person.
Becoming a landlord means opening yourself up to financial risk as you invest in properties. It also means a lot of maintaining your buildings as well as your relationships with tenants. Becoming a landlord doesn’t mean you can make passive income from rent; it means you will need to play an active role in your community.
And to learn more about how to buy and maintain properties that your tenants will love, just keep reading here. Our website is always updated with cutting-edge information about how to be the best landlord you could possibly be!