7 habits of successful landlords

7 habits of successful landlords

One does not become a successful landlord overnight. It needs skill, patience, legal knowledge, and trial and error that comes with experience. This makes the journey smooth and rewarding. Landlord-tenant communication becomes easy. Issues are resolved promptly.

Here are the traits of a successful landlord.

Communication skills

This allows the landlord to discuss and resolve tenant and vendor issues. Tenants want to stay in the loop about issues or changes that affect them. They need guidelines to be conveyed clearly. They want information about repairs and other maintenance work and how long these will take.

Good communication promotes goodwill and resolves issues fast. Ask the tenant to email requests to avoid confusion. Document every vital communication – adding a roommate, a maintenance issue, pets.

Knack for screening tenants

Don’t go by first impressions. Do a background check on the prospective tenant. Can they afford the rent? Are they earning at least two-and-a-half-times the rent amount? Do previous landlords speak well of them? Do they have a good credit history? These questions will keep you from getting the wrong tenant.

Proactive

Things can go wrong anytime. The AC conks out. The heater acts up in the middle of winter. An effective landlord won’t wait for things to go wrong before taking action. They have trusted vendors who can fix the problem at once. They conduct regular maintenance checks. They make it easy for tenants to fulfill their obligations, such as using apps to pay their rent.

Their lease agreement is transparent

This protects both parties by covering terms of tenancy, occupancy limits, rent details like exact amount, due date, and payment methods.

Technological savvy

Thanks to rent collection apps, landlords and tenants can monitor rent payments better. Landlords can send late payment reminders. They create virtual showings that give prospective tenants a walkthrough of the rental property. Tech-savvy landlords can even stage self-guided, 3D virtual apartment tours. They use cloud technology to store documents in Google Docs and Microsoft OneDrive.

Good relationship with tenants

An effective landlord forges a cordial, professional relationship with their tenants. They actively listen to their clients.’ needs. They act on concerns promptly. They are mindful of their client’s privacy. They set clear guidelines at the outset to avoid confusion and misunderstandings (what they’re responsible for like leaks and damaged ceilings, and what tenants should take care of like light bulb replacements, and landscaping).

Organized

A landlord has a lot on his plate: leases, deposits, inspection reports, tenant screening, maintenance, taxes, and others. Unless they’re organized, they’re liable to misplace documents and overlook maintenance issues. Digital solutions like applications can streamline everything. A separate computer folder per tenant or property will make it easy for the landlord to get information when he needs it most.

Whether you’re looking for a good landlord, or aiming to be one yourself, we at Coldwell Banker Cascade Real Estate are happy to help. Call 509.888.8887 or contact us here.