As a Layton rental property owner, there are no guarantees that you will be able to take on the role of landlord without a few bumps. Turning into a successful landlord is something that you totally can do, mainly if you develop a few key business habits.
While 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 go into some 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 necessary habits to cultivate for success is learning to communicate effectively. 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 by another method. It’s also helpful 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, you have a chance 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 accomplish several tasks daily. As an illustration, you should be using an online platform to exchange documents and collect rent.
Another incredible 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 look for your next tenant. Lastly, it is recommended to manage recurring tasks by automating as many of them as needed and using a calendar system to remind you when important tasks are due.
Set Long-Term Goals
Successful landlords are not only dealing with the day-to-day aspects of their rental property efficiently, but they also have long-term goals for their investment property. It may be enticing to pause for a minute and enjoy your short-term success. However, to keep that success going year after year, you need to have a plan.
Pay regard to 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 age do you plan to retire? Will that include selling your properties? By knowing the answers to these questions now, you can quickly recognize when the appropriate time has come to put your plans into action.
Adhere to 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, that will make it harder 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 costly attorney fees that go together with it. Strict anti-discrimination laws could make you subject to prosecution under the Fair Housing Act if you prefer not to follow them. As a landlord, you should be versed in habitability standards and landlord/tenant laws. Having a reputation for being ethical and fair is good for you and your bottom line.
In the end, successful landlords don’t wait around for things to happen. In fact, the top landlords and property owners will actively manage their rental properties through proactive maintenance regimens and regular property updates. Proactive maintenance can help you save money over the long term by eliminating more expensive emergency repairs. In contrast, regular updates will help ensure that you can optimize your rental rate year after year. Both lead to an increase in profits and more success.
One last thing that the most successful landlords do is hire a reputable Layton property management company to do most of the heavy lifting for them. At Real Property Management Northern Utah, 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.