Tips Investors MUST KNOW to be Successful Landlords
Hey guys, this is Tanya Jensen with Envy Property Management. In today’s video, I’d like to give you a few quick tips for Landlords on how to deal with tenants, ways of keeping your costs down, and how to be the most successful landlord possible.
#1: Turning Your Property WILL Cost Money AND Stress If You’re Not Doing it Right:
One thing you have to remember when you have a turnover on your property, it’s never cheap, it’s always going to cost you money. Not only does it cost you money to get the property re-rented, but you’re also spending money to have the property turn-key ready. But even more significant and the one thing landlords don’t always think about is the personal stress level. That is a huge cost that landlords don’t typically factor in.
So you want to ask yourself….How can I avoid these added stressors and costs? Or the better question is….Would it be worth hiring a property management company to take these stressors off my hands? At Envy Property Management we have streamlined processes and procedures for turning your property as quickly as possible. Think about the amount of time it takes you to turn your property in between tenants, it’s possible that a property management company could have your property turned, marketed, and new tenants placed in the same amount of time it takes you just to get the property rent ready again. These are things you MUST factor in when running a successful investment property business.
#2: Set Clear Expectations With Your Tenant:
Establish a tenant/landlord relationship with your tenant and communicate the proper expectations in the beginning. You want to be firm but fair. You want to have everything written down in the lease agreement that has been signed by both parties. You want to be very clear and concise of what your expectations are as a landlord and what their expectations are as a tenant. You want to establish these rules initially so that everybody is on the same page.
You also want to make sure you are always professional when you’re dealing with the tenant. You don’t want to be unprofessional, use foul language, or talk down to them. These are people that have families, have good-paying jobs, they just want to pay the rent, and they don’t need to be talked down to just because they don’t own the home. Remember they are your client and this is a business, and you MUST keep emotion out of your business. You make your money because they pay the rent. If they don’t pay the rent, you are not going to make money, and your business is going to be flawed. Always, always remember your tenant is your client.
Another tip for being successful as a landlord is when a tenant calls you for an issue, be sure you answer the phone. If you can’t take their call right away, have a means for the tenant to message you or communicate with you. Be prompt and be courteous. Try to give them an answer, or at least, let them know that you’ll look into it and get back to them. When a tenant calls you with an issue or challenge, the last thing they want to hear is no. Try to extend the same courtesy that you would expect from when you are a client of someone else. Remember, your tenants can always take their business elsewhere.
#4: Complete Repairs in a Timely Manner:
When it does come to repairs, try to get them completed in a timely manner. I would like to think that most landlords are thinking about, not only their tenants but also what is this potential damage doing to your property. And more importantly, you have to remember, you have living, breathing human beings in this property, and you as their landlord are responsible for their safety and security.
So, when you do have a problem with the property or a maintenance issue, take care of it in a timely manner, and make sure that you address the issue promptly….you don’t need to take it out personally on the tenant. If something’s broken, it’s broken, who’s ultimately responsible is something that can be determined later. If you have a problem, get the problem fixed, you can deal with responsibility later. Tenants will be more inclined to stay renting your property when they are respected by their landlord.
Thanks for watching today’s video on 4 Quick Tips to Being a Successful Landlord. My name is Tanya with Envy Property Management, make sure you subscribe to receive more valuable information about your investment properties. If you have any questions about property management or what we can do to help you increase your return on investment, please call us at 801-337-4337, or visit our website at envypm.com.