When it comes to rental properties -a common misconception is that success is all a matter of finding the right property.
But as any experienced landlord will tell you, there's a lot more to it than that.
Much of your success as a landlord -and your skill in turning a profit, will come down to your ability to manage the property -and your willingness to step up to the plate and put in the work. But why is it that some landlords seem to struggle greatly with property management -while others breeze through it, collecting rent checks each month, and landing ideal tenants each and every time?
Successful property management -is always the result of hard work and dedication. But with income property management, as with any line of work, there are certain characteristics that are found among industry professionals -that allow them to thrive in their role. These traits make it easier for landlords to manage their properties successfully, and find satisfaction doing so -while at the same time, helping them to avoid common mistakes and pitfalls that many landlords make.
In our experience, working with landlords every day, we've discovered a few traits that most professionals have. If you're curious about whether you have what it takes to find property management success, have a quick look at these seven key characteristics that professional landlords possess -and see how well your abilities and personality stacks up!
1. Reliability
You know the importance of finding reliable tenants, but dependability is an important trait for landlords as well.
Your tenants need to know that you will enforce your policies -and the terms of the lease. Consistency matters, and letting tenants slide on issues such late rent can open the floodgates for future problems as well. Similarly, tenants should also be able to rely on you to perform repairs and maintenance -and know that you'll handle any issues or concerns in a timely manner. Professional landlords understand the importance of being dependable and strive to be true to their word.
2. Determination
In order to be a successful landlord, you're going to need a thick skin -and steely determination.
When it comes to rental home property management, there will always be obstacles to overcome, and unexpected problems that could threaten to derail your plans. But it's important to have a resolute commitment to your goals -and determination to reach them. The ability to face issues head on is a vital and defining characteristic of professional landlords.
3. Respect
Professional landlords handle themselves professionally and always treat their tenants with respect.
No matter what's happening -or how many phone calls you've had to field, conducting yourself professionally, and treating tenants politely is important for maintaining the landlord-tenant relationship, as well as helping to keep your reputation intact. It's also important to respect your tenant's right to privacy -always provide sufficient notice before entering the property.
4. Confidence
To be successful, you must have confidence in your ability to do the job.
Of course, confidence comes from training and experience, so make it your goal to learn more about property management, and don't hesitate to reach out when you need help. Educate yourself by reading all that you can about property management, and arm yourself with the tools you need for success. Books, podcasts, and blogs can get you started, while joining a community -like National Real Estate Investors Association (REIA) or Landlord Association, or even finding a mentor can help you to find your way as well. If you're stuck, head over to some helpful landlord forums -like the ones on Bigger Pockets to get advice from experienced landlords and community members. Knowledge, experience, and success will all build your confidence -and help you to go far as a landlord.
5. Resourcefulness
In order to be successful, a landlord needs to be resourceful, and able to find a way to get things done.
This is true when it comes to finding new properties, financing your investments, doing renovations, locating contractors, and sourcing tenants. Professional landlords are not easily dissuaded; they are skilled at thinking outside the box, and navigating their way around issues to make things happen.
6. Business-Mindedness
All too often, landlords treat their rental properties like a hobby. But in order to find success as a real estate investor, it's important to have a business-minded approach.
Running your rentals like a company rather than treating it like a sideline will enable you to make business decisions that will help to drive your venture forward. Experienced landlords understand the importance of being goal-oriented rather than leaving things to chance -and work hard to plan, get organized, and develop strategies to turn a profit.
7. Leadership
Finally, one thing that every successful professional landlord has in common is leadership.
Instead of succumbing to the temptation to pass blame when something goes wrong, smart landlords step up -and take responsibility for their properties. This means resisting the urge to pinpoint a failed venture on the economy, or late-paying tenants. Only by taking full responsibility for your properties will you be motivated to put forth the effort that's required to manage them proactively, and drive them on toward success.
What if you feel that you're lacking in some of these areas? Can you still make it as a professional landlord?
The answer is yes -absolutely!
The truth is that very few landlords are proficient in all of these areas when they first start out -often, these traits are things that come with time -and experience.
Keep in mind that finding success -doesn't mean doing it all on your own; instead, it hinges on your ability to source the resources and help that you need to make things happen. Don't hesitate to call in reinforcements when needed. Bringing in a property management company is a solution that many busy professional landlords turn to today -and it may be exactly what's needed to get your rental property venture off the ground!
What other traits -or skills should professional landlords have? Share with us in the comments
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