Ever wondered what successful landlords do differently from the rest of us? We share five key things they do, to help you become the productive landlord you want to be! Take a read now.
Successful landlords do more than simply rent out their property. There’s a special set of skills, experience and knowledge they must master to make their investment property pay off financially. Today we look at five key things which many successful and productive landlords do.
5 Key Things Successful Landlords Do
With only 24 hours in a day, your time is precious. Unless you are a full-time dedicated landlord, your rental is most probably in addition to your main income. Therefore, you haven’t got hours each day to spend chatting with tenants, organising repairs, chasing unpaid rent, and undertaking rental inspections. You need to increase your productivity and become more efficient at what you do. In our job as Auckland property managers, we’ve seen plenty of successful landlords. Here are five things they all have in common:
- Excellent communication skills – having to deal with tenants on a regular basis, landlords are great at both talking with and listening to people.
- Know their limits – a smart landlord understands their limitations and their strengths. Because of this they will do the things they do well, bringing in others to complete the tasks they are not so good at or would rather not do. Most often, this is hiring a property manager to look after their property for them!
- A high level of professionalism – while the rental is income for you, it is a home for your tenant. You are conducting a business transaction between two parties, which requires that you hold yourself to high professional standards. This is something a rental manager does exceptionally well – check out the Hollie Joss Promise to see how we do it!
- Well organised – there’s plenty of paperwork and other tasks to be done as a landlord. For some, list making works well in which they create a to-do list and work through it. Others use digital apps to remind them to complete tasks.
- Hire a property manager – we can’t stress enough that there’s more to being a landlord than simply collecting rent. As your rental manager, we take away the stress of the ongoing management requirements.
Take a read of our article, How a Property Manager Can Make Life Easier for You to learn the specific benefits our service offers successful landlords today!