Even if you work with an exceptional property manager, being an ‘absent’ landlord isn’t usually conducive to maximising earning potential or the growth of your portfolio. The most successful landlords stay up-to-date and engaged, to make the most out of their investments. Here’s how they do it.
Know how to interview and choose effective property managers.
They know how to choose good property managers
Successful landlords are those on good terms with their tenants, due to a professional relationship. If interaction with tenants is through a property manager, that person must represent you and your investment in the best possible way. A property manager needs to be approachable, knowledgeable, trustworthy and passionate about the job.
Therefore, always ask for references, seek word of mouth recommendations, read reviews and conduct thorough interviews. Be wary of managers with too many properties under their care, that don’t answer your queries promptly and don’t portray exceptional communication and customer service skills.
Be reliable and consistent with repairs and maintenance.
Successful landlords don’t put off making repairs, as they understand the far-reaching, negative effects of doing so.
They’re reliable and consistent
Just as you, as a landlord, require consistency with rent payments and home maintenance, happy tenants are those that know issues are always resolved in a timely and effective manner. Because successful landlords are dependable and quick to follow through, their tenants remain loyal, take good care of properties and feel confident to communicate important issues when they arise. Successful landlords don’t put off making repairs or solving problems, as they understand the far-reaching, negative effects of doing so.
Long gone are the days when landlords held all the cards and got away with renting substandard properties, with little regard for tenant requests. Now, successful landlords treat their tenants like the clients they are. In doing so, you save time and money in finding new tenants on a regular basis. You also increase the chances of retaining well-maintained properties, with tenants you can trust. Building good relationships with tenants is simple, when you use basic customer service skills of listening, responding quickly and providing solutions.
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They’re honest and direct
As a landlord, a handy thing to remember is that the way you respond to tenants will influence how they treat your property. Being honest and direct is always the best way to go, especially if you need to deny a request. Always provide a valid reason for your responses and offer proof. For example, if long-term tenants complain about a rise in rent, provide them with market research so they don’t feel like it’s an unfair, or greedy increase. This also lets them know that if they choose to find another property, the rent will likely be similar.
The traits of successful landlords are best compared with those of good leaders, so take charge of your property investment to thoroughly maximise the benefits.