Insider Tips for Property Management: How to Be a Good Landlord
Keeping up with the responsibilities that come with being a rental property owner can be overwhelming. You’re constantly tasked with updating practices and keeping track of changes in the industry. But, by implementing a few quick tips, this daunting task will start to feel completely manageable.
In this post, we’ll give you 8 tips to help you be a more successful landlord.
1. Communication Should Be a Top Priority
To facilitate communication, it’s best to create templates for every situation. Templates may include maintenance requests, lease renewal and more. Having a template will speed up the communication process because it eliminates the need to constantly rewrite the same information.
A good practice would be to upload these templates to your website. This way current and potential tenants can locate and download the documents they need more efficiently. Tenants can also submit forms more easily when they have requested.
2. Stay on Top of the Latest Property Management Trends
Stay on top of any changes to Ontario’s rent prices, as well as new developments in industry trends such as changes in rules and regulations. As a landlord, you want to assure tenants that you know what’s going on at all times. For that to happen, you need to ensure that you’re always learning.
3. Create a Framework to Help You Find the Best Tenants.
It’s good practice to develop a tenant screening process to avoid potential landlord-tenant disputes in the future. This initial process could be automated to include background checks, security deposits, and any other necessary paperwork.
Be sure that you don’t completely eliminate the human side of the operation. Once that information is gathered it’s best to personally conduct a final vetting of a tenant and make sure that everyone’s on the same page.
4. Set Long-Term Goals and Strategies of Implementation.
This may seem like an obvious step, but it’s one that is often overlooked. Setting long-term goals and strategies will help you stay motivated and organized.
When you’re looking to set some long-term goals it’s good to consider the following:
- How would you rate your performance in tenant retention?
- What procedures could be improved upon to better accommodate you and the tenants?
- How can you reduce your expenses?
- Ask your tenants if they’re satisfied with your services and learn where improvements can be made.
- Look at the efficiency of your rent and deposit collections.
- Consider how many new clients you’re bringing in and see how consistent these numbers are.
5. Be a Self-Starter
To be a successful landlord it’s important to be driven. You want to go the extra mile to ensure that you’re reaching your goals. Don’t let distractions or self-doubt deter you.
Consider the following:
- Put an emphasis on developing novel solutions
- Become a member of different associations
- Always conduct research and expand your knowledge
- Go to lectures and seminars
6. Turn Obstacles into Opportunities
If you want to be successful you need to see obstacles as opportunities. It’s vital that you maintain a positive attitude as a landlord. For instance, if a tenant is on the fence you can entice them with discounts and other incentives. Don’t forget that negotiation and compromise are always part of the process.
7. Stay Organized
Thanks to new technology staying organized have never been easier. Being organized will make you more efficient and less stressed. These new technologies can help you find reliable tenants, keep track of any maintenance issues that may arise in your properties as well as track any disputes you have with tenants.
Here are some tips to help you stay organized:
- Develop a communications arrangement.
- Identify which tasks need to be outsourced and which can remain in-house.
- Make sure you always have a backup plan.
- Limit paperwork where you can
8. Show Your Residents They Can Depend on You
It’s important for residents to feel like they can rely on you. This means making yourself available to them via the phone and email. Respond to email and return calls as quickly as possible.
When delays occur, give residents as much notice as possible and always provide a genuine apology. Remember to show them that you care about them and resolve issues compassionately and promptly.
With these tips in mind, you’ll be able to conduct business more efficiently and more confidently.
Why a Property Manager Could be Right for You
Even with these tips, it could be your wisest investment to hire a property management company to handle the daily tasks of managing your property. Property managers have the skills and know-how to keep owners and tenants happy and comfortable.
A property management company can do a lot of the heavy lifting for you which will eliminate a lot of the headaches that come with self-management. A property management company can keep track anything from maintenance to rent collection.
Do what’s best for you, your tenants and your property. Reach out to AMR today, for more information on why we can help take your investment portfolio to the next level!