Remember that Real Estate is a People Business – Things Landlords Need to Know
As a landlord, you walk into the brutal reality that most people simply don’t care about how they live or how delicate something is.
Just like you babyproof a house, you will need to renter-proof your house. This means making things indestructible. If something is likely to break, make sure you don’t spend too much money on it.
Just buy good quality DURABLE, not high-end BREAKABLE. This will prevent you from fixing and buying new things after every tenant.
All of a sudden you have a hard time thinking objectively, you throw your own emotions into the mix, you have self-doubt, you worry if what you’re doing is right, and there’s a blurred line between running this like a business vs a hobby…and when I started, I ran it like a hobby. Don’t do that.
This brings me to my second point…keep things professional, and STICK TO THE LEASE.
In the beginning, most landlords treated the lease more like a guide…as long as you roughly followed it, that was fine. No, NO, NO.
Do NOT do this. Enforce the lease word for word. The lease is written for a reason – there should be no misinterpretation from what’s allowed and what’s agreed on.
This clarifies everyone’s expectations for not only the tenant, but also for the landlord. When that contract is signed, all parties must abide by it.
The third thing landlords need to know is that you need to be on call 24/7.
If there’s ever an emergency, I have my phone on me to handle anything as it comes up. Most situations that come up, even though I’m technically “on call 24/7,” just aren’t that urgent; usually little minor things that are usually sent over email, and you can handle them when you have the time.
The biggest learning experience of all of them is simply dealing with people.
On a bigger picture, deeper down, you really have to learn to communicate effectively, be ok with saying no, be okay with standing your ground, while still being able to hear the other person out.
You need to learn how to explain yourself in a way that makes sense to the other person, without coming off as insensitive or inattentive.
The other person needs to be heard and their thoughts validated before you can say what you want. Just like anything else, people skills are incredibly important and can make a huge difference in whatever business you’re in.
If you want to know more about becoming a Super Duper Landlord, touch base with me on social media, email me firstname.lastname@example.org or call 1-866-226-4730.