How To Be Better Than 98% of Landlords: 3 Keys
Mastering the Art of Landlording with Empathy, Realism, and Consistency
Being a landlord is more than just owning properties and collecting rent. It requires a unique set of skills and qualities that can make all the difference between a successful and satisfying landlord-tenant relationship or a constant struggle.
In this blog post, I explore three key principles that can elevate you above 98% of landlords. There are many, many more but these three seem to come up more often than others if I really distill them down.
All of these tips are to be taken within reason and should be applied to your unique situation. In no way am I advocating that any landlord allow themselves to be manipulated or otherwise be taken advantage of by a tenant. I am a stickler for the rules (see tip # 3). But life happens and I do try to allow for some wiggle room when I can and when it is deserved. But if/when that trust is taken advantage of, I have no problem levying fines or filing for eviction or whatever my leases and contracts state. Zero. None.
As a landlord, it’s essential to remember that your tenants are not just sources of income, but they are also human beings with their own struggles and challenges. The highest form of knowledge is empathy, and by embracing empathy you can create a supportive and compassionate environment for your tenants. Here are a few tips to help you be more human as a landlord.
- Active Listening: Take the time to listen to your tenants’ concerns, issues, and suggestions. Show genuine interest and make them feel heard. This simple act of listening can go a long way in building trust and rapport.
- Flexibility: Life can be unpredictable, and your tenants may encounter unexpected situations that affect their ability to meet their obligations. Being understanding and flexible when circumstances arise can demonstrate your empathy and willingness to work with them.
- Timely Communication: Promptly respond to tenant inquiries and maintenance requests. Clear and open communication channels are vital for fostering a positive landlord-tenant relationship.
Remember, by treating your tenants with respect, empathy, and kindness, you create an environment where they are more likely to take care of your property and appreciate your role as a landlord.
To be a better landlord, it’s crucial to be realistic in your expectations and actions. Strive for mutually beneficial outcomes and focus on the bigger picture rather than getting caught up in petty disputes. Here’s how you can incorporate realism into your approach:
- Winning vs. Collecting Rent: It’s natural to want to protect your rights and interests as a landlord, but it’s equally important to choose your battles wisely. Ask yourself if winning an argument is worth jeopardizing a long-term tenant and potential rental income. Prioritize the collection of rent over petty disputes.
- Conflict Resolution: When conflicts arise, approach them with a calm and rational mindset. Seek to understand the situation from both perspectives and find fair solutions that benefit both parties. A respectful and diplomatic approach can help de-escalate tensions and maintain a harmonious landlord-tenant relationship.
- Rent Adjustments: Stay informed about the rental market trends in your area. Being realistic about rental rates and periodically adjusting them based on market conditions can help attract and retain good tenants. Striking a balance between maximizing profit and offering competitive rates is key to long-term success.
By adopting a realistic mindset, you can maintain a harmonious relationship with your tenants while ensuring the financial stability and profitability of your rental property.
Consistency is the foundation of trust and reliability. As a landlord, it’s crucial to establish a reputation for being consistent in your actions and commitments. Consistency builds confidence and sets clear expectations for both you and your tenants. Consider the following aspects to ensure consistency:
- Contracts & Agreements: Ensure that your rental agreements are clear, fair, and legally binding. Consistency in your contractual obligations will foster a sense of security and trust between you and your tenants.
- Follow-ups & Maintenance: Regularly follow up with your tenants to address any concerns, resolve maintenance issues promptly, and ensure that the property remains in good condition. Consistent and proactive maintenance demonstrates your commitment to providing a comfortable living environment and shows that you value your tenants’ well-being.
- Timeliness: Punctuality is a sign of respect and professionalism. Be punctual for appointments, whether it’s for property showings, inspections, or rent collection. Consistently showing up on time demonstrates your reliability and sets a positive example for your tenants.
- Communication: Consistency in communication is vital for maintaining transparency and trust. Respond to emails, phone calls, and messages in a timely manner. Keep your tenants informed about any changes or updates regarding the property. Regularly check in with them to ensure their needs are being met.
By being consistent in all aspects of your role as a landlord, you establish a reputation for reliability and build trust with your tenants. This, in turn, contributes to a smoother and more harmonious landlord-tenant relationship.
Becoming a better landlord requires more than just the ability to collect rent. By embodying the principles of being human, being realistic, and being consistent, you can rise above the average landlord and create a positive and productive environment for yourself and your tenants.
Remember, empathy is the key to understanding and addressing the needs of your tenants as individuals. Realism helps you make informed decisions, prioritize rent collection, and find fair resolutions to conflicts. Consistency builds trust and reliability, setting the stage for a successful and long-term relationship with your tenants.
By incorporating these three keys into your approach, you can become part of the exclusive group of landlords who go above and beyond, leaving a lasting impact on both their tenants’ lives and their own real estate investment journey.