There is no magic equation for being a successful landlord but by picking up a few habits and staying professional, being a landlord will be that much easier. If you’re ready to maximize your profits, here are five habits to pick up!
1. Be proactive about regular maintenance & communication
Staying on top of regular maintenance tasks such as yard work and unit inspections. Since none of these tasks are “urgent”, they are often put on the back burner by landlords. But, by ensuring the yard is kept up and inspections are carried out, major problems can be avoided, saving you more money in the long run.
Staying in communication with your tenants can help address any issues before they become big ones as well as build a trusting relationship. If you’ve received rent late from your current tenants in the past, you know how frustrating it can be. Next time it happens, make sure to be proactive when it comes to reminding them they need to pay it before you take the next steps.
2. Have a budget
Owning a rental property comes with a lot of expenses and even though you might not feel like you are a small business owner, you are and having a budget will help you become more successful. Keep in mind that the expenses that come along with a rental property are never consistent. Typically there is a long period of smooth sailing that get interrupted with periods of high expenses – putting away extra money each month to cover these expenses will help when issues do arise.
Some expenses property owners face:
- Turnover costs
- Repairs (i.e. new roofing, plumbing repairs, etc.)
3. Think long-term
Thinking long-term is one of the best things you can do for your rental property. Trying to fill your unit fast with average tenants can turn into high turnover rates. Instead, focus on finding high-quality tenants even if it takes a little longer, they’re more likely to rent for longer periods of time eliminating any turnover rates.
So what gives? Having high turnover rates can cost you more money when it comes to repairs, marketing the unit to potential tenants, the screening process, and inspections. If you’ve had high turnover rates in the past, Lamacchia Property Management will help decrease these rates while also taking care of the screening process, as well as any issues that come up along the way.
4. Attention to detail
From security deposits to photos and documentation, keeping track of everything that goes along with being a landlord can be overwhelming. Paying attention to all of the details is crucial for being successful and ensuring you don’t lose any money on your property. Are you more of a laid-back type? Utilizing property management services for your rental property might be a better option!
5. Keep it professional
As a business owner and manager, thinking of your tenants as clients will help create a boundary with your tenants. Sent reminders for tasks that need to be completed and when rent is due to ensure that every aspect is handled on a timely basis. If there are projects you want to complete at the property, ensure you give your tenants ample notice and time frames in which you will be executing the project.