Tips for The Successful Landlord
For a real estate investor, the next natural step to take is becoming a landlord for your recently acquired income property. Most real investors never had the option of being a landlord, but it just happens as you grow in estate investment. One major advantage of being a landlord is that saves the cost of income properties mostly fees associated with rental property management. Here are some tips for The Successful Landlord.
It becomes a whole lot of a different playing field once you choose the path of becoming a landlord.
There are tips that you should follow in other to be a successful landlord.
Please note that becoming a successful landlord does not only depend on this post so you can feel free to make comments on what you think!
- TREAT YOUR TENANTS WITH RESPECT
You can’t be a landlord without a tenant. It’s As simple as that. You don’t have to like your tenants to respect them. This is because you shouldn’t allow your personal feelings to interfere with your business. all you have to do this see your tenants as an equal human and treat them fairly. The bitter truth is that they are your equal human beings despite your feeling towards them. Don’t act better than your tenant because you own a rental property. Each tenant in your property should be treated with respect and dignity and it will definitely yield you great profit and success.
- YOUR BUSINESS SHOULD BE TREATED AS A BUSINESS AND NOTHING LESS
Many landlords have done terribly as a landlord and this is mostly because they have failed to treat their business as a business or better still they take owning and investing in properties as a hobby. Not only should you treat your tenant with respect, but you should also treat your business with respect as you would treat any other business and watch how profitable it gets. Stop being a landlord for fun see it as a business.
- DON’T BE TOO NICE
This is just like completely contradicting my previously stated point, this looks a bit too harsh but reading through will make you understand.
As a landlord, you have the job of being fair and this is different from being nice. There is a saying that “when you allow people, they start seeking allowance”, or another saying “if you give a mouse a cookie” you know the rest. As humans, they will tend to take advantage of your being nice.
Being respectful differs from being nice! Make a wise choice.
- SEEK HELP
As the saying goes “No man is an island” so it is with being a landlord “no landlord is an island” According to Biggerpockets.com, America has over 28 million people who are into real estate investment. Definitely, there will be some of those in your neighborhood to see you through some challenges.
No matter how small the challenge might be for instance the number of a carpenter, you should reach out for help from other landlords. Just open a conversation with any landlord and you will get the help that will bring you to success. Aside from meeting a landlord in person, there are also was to meet investors online forums, blogs like, podcasts, websites like lapmg.com etc. and these are almost at the cost of nothing. Never stop increasing your knowledge of real estate investment.
Conclusion
To be a successful landlord, don’t be the landlord that always feels like pulling out their hair whenever their phone rings. Be someone who loves the start of every month and looks forward to receiving a new check. Be a landlord with a well-arranged system, a system that can stand no matter the size of waves and pressures that comes at it. it is 101% possible to be a successful landlord if the right steps are taken. Hopefully, you will make a success In your business after going through this few steps.
