As a Richmond rental property owner, there are no guarantees that you will be able to take on the role of landlord without a few bumps. Becoming a successful landlord is something that you absolutely can do, especially if you develop a few key business habits.
While no two people are exactly alike, the most successful landlords and property owners typically share habits that set them apart in the rental market. In this article, we’ll explore a few of the best ways you can develop the habits of a successful landlord, boost your revenue, and build a good reputation.
Communicate Well and Often
One of the most valuable habits to cultivate for success is learning how to communicate well. This is especially true for landlords since your business relies heavily on good tenant relations. You can set yourself up for success by having frequent, positive interactions with your tenants, whether in person, on the phone, or by some other means. It’s also vital to stay on top of more formal communication, such as repair requests, notifications, and renewals. Whenever you communicate with a tenant, or even a service provider or government entity, it’s an opportunity to practice a habit that will support your path to success.
Streamline Mundane Tasks
One of the best things about being a landlord today is the wide range of tools available to help you streamline your most time-consuming tasks. The most successful landlords take full advantage of these tools to get more done every day. For instance, you must be using an online platform to exchange documents and collect rent.
Another great tool is the virtual showing: you can create a digital walkthrough of your rental property and share it with applicants, saving you time as you search for your next tenant. Finally, it’s a good idea to manage recurring tasks by automating as many of them as possible and using a calendar system to remind you when important tasks are due.
Set Long-Term Goals
Successful landlords are not only handling the day-to-day aspects of their rental property well, but they also have long-term goals for their investment property. It may be enticing to sit back and enjoy your short-term success. But to keep that success going year after year, it’s vital to have a plan.
Think about where you’d like to be in five years, ten years, or more. How many properties do you need to meet your financial goals? At what age do you plan to retire? Will that involve selling your properties? By knowing the answers to these questions now, you can better recognize when the right time has come to put your plans into action.
Adhere to Ethical Standards
Part of becoming a successful property owner and landlord is building and maintaining a good reputation in the rental market.Especially today, prospective tenants will research you and your properties. If you have complaints from former tenants about shady or unethical practices, that will make it harder to rent your property in the future.
Setting and sticking to a high ethical standard can also keep you out of legal trouble and the expensive attorney fees that come with it. Strict anti-discrimination laws could make you subject to prosecution under the Fair Housing Act if you choose not tofollow them. As a landlord, you should be versed in habitability standards and landlord/tenant laws. Having a reputation for being ethical and fair is good for you and your bottom line.
Lastly, successful landlords don’t wait around for things to happen. Instead, the top landlords and property owners will actively manage their rental properties through proactive maintenance regimens and regular property updates. Proactive maintenance can help you save money over the long run by avoiding more expensive emergency repairs. By contrast, regular updates will help ensure that you can optimize your rental rate year after year. Both give rise to high profits and more success.
One last thing that the most successful landlords do is hire a reputable Richmond property management company to do most of the heavy lifting for them. At Real Property Management Richmond Metro, we work with landlords and property owners to set clear goals and build a successful rental property business. Learn more by contacting us online today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.