Five Ways to…Be a More Effective Landlord

Five Ways To

Ahh, a fresh new year. There’s definitely something about the appeal of new beginnings that we just can’t resist come January 1st. Even before we finished singing Auld Lang Syne at midnight, we were making resolutions–and more than just a few of us were resolving to be more effective in our careers.

So if you’re a landlord or property manager, what does that look like–and how can it be achieved? We’ve put together our top five ways to be a more effective landlord, from experts across the web. Let’s make 2013 a year to remember!

2013

1. Embrace the three “F words:” Be friendly, fair, and firm.

Any tenant will tell you that an unfriendly landlord is about as fun as a leaky ceiling; at the same time, if you try too hard to be friendly and end up being over-permissive, chaos can ensue. It’s vital that a landlord develop good relationships with tenants, of course—but in the world of property management, the customer isn’t necessarily always right.

Balance is key; and that’s where the three F’s come in: If can maintain a friendly relationship with tenants, while also being firm when necessary—and as fair as you possibly can be—you’ll be well on your way to harmony, both in and out of the building. This tip came from BiggerPockets.com; read the article here.

2. Foster a sense of community in your buildings.

As the housing paradigm in the United States has shifted from owning to renting, many of us have learned to invest more fully in the rental communities we live in. Renters are no longer simply counting the days until they can buy a house; instead, they are looking for a rental community that will feel like home.

As The 7 Habits of Highly Effective Landlords puts it, “Creating a sense of belonging means more tenant referrals, better retention, and fewer complaints.”  That’s why to the best landlords, every building—even those with just a few units—is more than a building: it’s a miniature neighborhood, a coherent group with its own culture and sense of belonging. Ensuring that community spaces are clean, safe and inviting is a good first step; you may also wish to consider community bulletins and get-togethers.

3. Respect a tenant’s autonomy–and their space.

This tip comes from a rental blog across the pond—but it’s relevant here as well. There can be times, particularly in smaller buildings and when a landlord or property manager lives on site, when the lines of a tenant’s privacy can blur slightly. Don’t forget that, while you may own or manage the units they live in, tenants do have a right to privacy by law. There are instances in which a landlord may enter an occupied unit after reasonable notice—but most of these instances are when emergency situations occur. Generally, landlords should err on the side of caution, and respect that units are their tenants’ homes. Read more here.

4. Document everything–and we mean EVERYTHING.

This tip comes from tvslandlordblog.com, and we couldn’t agree more. All steps of the rental process—from applications to phone calls to notices—should be documented. As much as it can be a pain at the time, documentation will actually make your job easier in the long run; and of course, some of this documentation is required by law. Luckily, there are tools to help you with this (and other) property management tasks…which brings us to tip number five!

5. Use the tech tools that will make your life easier.

When you add up all the jobs a landlord or property manager really has to do—advertise units, screen applicants, manage staff, respond to and coordinate maintenance and repairs, keep apprised of landlord-tenant law, document interactions with tenants, and more—it’s clear that every landlord wear a lot of hats in any given day.

Luckily, these days there are plenty of tools online to help you tackle many of your tasks. Websites like Reachwerks.com (full disclosure: Reachwerks is Seattle Rental’s sister company) can help you advertise units, archive paperwork electronically, and all measure of other helpful tasks. When used right, technology can be a landlord’s best friend—use it to your advantage!

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One thought on “Five Ways to…Be a More Effective Landlord

  1. Pingback: OF LIVING, RENTS, AND LANDLORDS « Fairy Godsister's Blog

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