As a Suffolk rental property owner, there are no guarantees that you will be able to take on the role of landlord without a few bumps. Being a successful landlord is something you can achieve easily, primarily if you learn a handful of key business habits.
Although no two people are exactly alike, the most successful landlords and property owners typically share habits that set them apart in the rental market. In this article, we’ll talk about a few of the best ways you can develop the habits of a successful landlord, boost your revenue, and build a good reputation.
Communicate Well and Often
One of the most beneficial habits to cultivate for success is learning to communicate appropriately. This is especially true for landlords since your business relies heavily on good tenant relations. You can set yourself up for success by having frequent, positive interactions with your tenants, whether in person, on the phone, or in other ways. It’s also beneficial to stay on top of more formal communication, such as repair requests, notifications, and renewals. Whenever you communicate with a tenant, or even a service provider or government entity, it’s an opportunity to practice a habit that will support your path to success.
Streamline Mundane Tasks
One of the best things about being a landlord today is the wide range of tools available to help you streamline your most time-consuming tasks. The most successful landlords take full advantage of these tools to get more done every day. For example, you should be using an online platform to exchange documents and collect rent.
Another helpful tool is the virtual showing: you can create a digital walkthrough of your rental property and share it with applicants, saving you time as you’re finding your next tenant. In conclusion, it’s a smart idea to manage recurring tasks by automating as many as possible and using a calendar system to remind you when important tasks are due.
Set Long-Term Goals
Successful landlords are not only running the day-to-day aspects of their rental property properly, but they also have long-term goals for their investment property. It may be appealing to take it easy and enjoy your short-term success. But to keep that success going year after year, it’s imperative to have a plan.
Think about where you’d like to be in five years, ten years, or more. How many properties do you need to meet your financial goals? At what point in time do you plan to retire? Will that mean selling your properties? By knowing the answers to these questions now, you can quickly recognize when the proper time has come to put your plans into action.
Adhere to Ethical Standards
One element of being a successful property owner and landlord is building and maintaining a good reputation in the rental market. Especially today, prospective tenants will research you and your properties. If you have complaints from former tenants about shady or unethical practices, that will make it challenging to rent your property in the future.
Setting and sticking to a high ethical standard can also keep you out of legal trouble and the unreasonable attorney fees that come with it. Strict anti-discrimination laws could make you subject to prosecution under the Fair Housing Act if you decide not tofollow them. As a landlord, you should be well-versed in habitability standards and landlord/tenant laws. Having a reputation for being ethical and fair is good for you and your bottom line.
Lastly, successful landlords don’t wait around for things to happen. Preferably, the ideal landlords and property owners will actively manage their rental properties through proactive maintenance regimens and frequent property updates. Proactive maintenance can help you save money eventually by limiting costly emergency repairs. In contrast, regular updates will help ensure that you can optimize your rental rate year after year. Both result in major profits and more success.
One last thing that the most successful landlords do is hire a reputable Suffolk property management company to do most of the heavy lifting for them. At Real Property Management Hampton Roads, we work with landlords and property owners to set clear goals and build a successful rental property business. Learn more by contacting us online today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.