Being a landlord is a simple task, for all that is needed is to own or run a property and some tenants, so to speak. However, becoming a successful landlord is another part of the story. To become a successful landlord it would mean going beyond collecting rents and creating leasing agreements. And so to help you become not just a mere landlord but perhaps a 'lord of landlords' then you should at least follow of these tips below.
You Mean Business
And business means, that you should have a system. Remember that your method determines the result of a certain action or process. If you have a sloppy system, then expect gaining a sloppy result. Choose the right system depending on what type of leasing or rental business you are running.
Filter People
Admittedly, in this type of business there are some bad apples being mixed from time to time. So be sure to filter bad tenants, and run a credit check and follow Fair Housing laws to avoid issues and other renting concerns. One way filtering people is by prioritizing prospective tenants who were referred by some of your friends or even current tenants.
Trust the Pro
It does not mean that when you own or run the place, all of the things should be done by you and you alone. A business is not purely a one man show, so if something needs to be done that is out of your league, then leave it to the experts to avoid any further complications. If you don't have any plumbing talents, then don't call a plumber to work on your tenant's problem. Got the point right?
Reinforcement
As popularized by Burrhus Frederic S., try to use some techniques that would elicit good behavior from tenants. You may reward on-time payment by giving some simple token of appreciation, a chocolate or a movie ticket would do. On the other hand, you may also practice reinforcement to address negative behaviors, but be very strategic and careful.
Shower Happiness
This does not mean that you should be dressed in Santa Claus costume while giving gifts. It simply suggests that you should make your tenants happy, for it would be a lot cheaper to retain a tenant that to find a new one. You may actualize such thing by addressing their concerns immediately like fixing some broken stuff. And above all show respect and they will reciprocate it as well.
The ones outlined above are easy to follow and would cost you less than not having a tenant at all. You don't need to be a rocket scientist to be successful landlord and for the topic's sake, 'lord of landlords.' All you need to do is to be patient, don't just react but rather respond, for the former means instinct and latter suggests reason.
