Becoming a successful landlord in Bountiful can be complicated or challenging in some ways. However, owning investment properties in Davis County doesn’t need to be that way, especially if you apply specific business habits to increase your revenue and establish a good reputation.
The most successful landlords, property owners, and real estate investors have several traits in common. Learning and applying these habits will set you on the best path to increase your profits, keep tenants happy, maintain a great reputation, and enjoy the REAL Freedom that comes from owning successful investment properties.
Communicate Effectively and Consistently
Effective communication is critical to any successful business endeavor, and rental property management is no exception. Be proactive and consistent in your communications with your tenants. Create positive interactions with renters in person, on the phone, by mail, and all relevant communication channels.
When communicating formally regarding repair requests, announcements, and renewals, take time to make these communications clear and professional. Effective formal communication and record keeping also leaves a clear audit trail should any misunderstandings arise.
Streamlining Mundane Tasks
In today’s day and age, there are a wide range of tools and resources to help keep things organized and be more productive. Be innovative, utilizing these tools to get more done in less time. For example, it might make sense to use an online platform to swap documents and collect rent. Going digital will make life better for you and most of your tenants.
Another application could be a digital walkthrough of your rental property, accessible to applicants as a virtual showing. This will save you time as you search for your next tenant. Manage recurring tasks by automating as many of them as possible and setting reminders in your calendar for important dates.
Setting and Achieving Long-Term Goals
Just like any business, create and focus on the long-term vision and regularly apply strategic measures to ensure your investment is profitable each year. You might be tempted to take it easy and enjoy the short-term gains. If that sounds like your current mindset, be sure to enlist some professionals to keep their eye on those details while you’re otherwise occupied.
Successful owners and investors are proactive, strategic, and always planning for the future. Consider, how many properties do you need to meet your financial goals? When would you like to retire? Will that involve selling your properties? If not, how much will the properties need to cash-flow to facilitate that plan? An experienced and professional property manager would be an excellent partner to help you answer these questions and put the plan into action.
Upholding Ethical Standards
Part of becoming 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, renting your property in the future will be more challenging.
Establishing and maintaining high ethical standards will help you avoid legal issues and expensive attorney fees. Be sure to comply with anti-discrimination laws under the Fair Housing Act. Understand and follow landlord and tenant laws. If you are not familiar with them, do your research or ask an expert to help.
Proactive Landlord Practices for Sustainable Success
A reputable landlord does more than collect rent; they are also taking care of maintenance and improvements. This includes frequently testing and maintaining the property’s systems, like HVAC, plumbing, and electrical, to avoid costly emergency repairs.
Performing regular maintenance, remodeling, or replacing components and appliances is likely to help attract high quality tenants. In the long run, wisely applying this proactive strategy will likely save money and increase earnings.
At a certain point, successful owners and investors recognize that they can do more to scale and build their portfolio when working with a reputable property management company. If you could use some help scaling your portfolio, contact Real Property Management Northern Utah at 801-546-1770 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.