About: Professional attitude plays a big role in successful landlording. This artlicle is a collection of thoughts on how to assume professional’s Avatar so your tenants see you as a good landlord.
The first and foremost thing which you need to do is to get to know the Federal, Provincial or State and Local legislation affecting rental properties and business. You do not have to become an expert like a lawyer. But you should have some basic knowledge of the laws affecting your business.
Try this method –
- Your state or province website
- Google search the ‘laws affecting rental properties in your city’
- Find out the local landlord association and visit their office and websites
- Call your Realtor who helped you buy this property
- Try to meet some fellow landlords
If you follow these many steps, it’s a good start. Along the way to becoming an experienced landlord, you would learn so many new things.
Your Demeanour and Attitude
Being a professional landlord is self-learning process. Your knowledge of the legislation would help you a great deal here.
When you think of the word ‘professional’, the personality of your doctor or your realtor come to your mind. You just have to imitate the pleasant and comforting personality of them.
Whether you have assumed the tenant, or you are going to find a new tenant for your recently purchased property. From the very first meeting with the tenant, you have to show professionalism and positive attitude. Be respectful to the tenant all the time and let them know you are kind and will never be unreasonable.
This attitude goes long way in becoming a good landlord.
Just as in any relationship, one has to give time to nurture it. And just in any other relationship, good and frequent communication is the best way to go about it.
Walk through the Lease
Give the utmost importance to this first event in your potentially long relationship with your new tenants. Walk through all the written clauses of the lease with the tenant. Apart from whatever is written in the lease agreement, talk about 2 very important issues when you have the new tenant sign the lease.
One, your policy of handling complaints from the tenants. Be specific about time you would take to respond to the communication and to respond to the complaints.
2nd, Your policy to handle non-payment of rent or late payment of the rent. Give logical reasons why you can’t be more flexible in this area.
Here is an example of the professional handling if a problem arises.
If your tenant calls you and lets you know about his inability to pay the rent for the current month, you may choose to immediately give him notice of non-payment of the rent. However, the more prudent way would be to meet with him, listen to him sympathetically to know the reasons behind his action. And then let him know emphatically about your limitations of allowing him unreasonable time to come up with the rent. Remind him you have clarified this at the start of the tenancy. Giving him a couple of more days would even prove favourable to you in the long run as it would show your genuine intentions to help out and that your a good landlord. And it still does not produce the desired result, then give notice of non-payment of the rent.
Your knowledge of the subject, your positive and helpful attitude, your detailed communication at the start of the tenancy would ultimately mould you into a professional landlord, a good landlord in your tenant’s eye!
There are tens of millions of landlords in all of North America, so why not you?
If you feel intimidated by the prospects of playing a landlord by doing all the above stuff or similar stuff, let’s see how many are ahead of you.
There are tens of millions of landlords operating and renting out their properties to the tenants every day in the US and Canada. In every jurisdiction, there are laws and implementing authorities to resolve the disputes between the landlords and the tenants.
There are no central agencies to keep track of the numbers of the landlords operating in Canada, but if you check on the internet, all the major and medium cities centres have landlord’s associations. We can only guess there would be huge numbers of landlords operating.
The image shows the number of landlords operating in all of the US in March of 2018.
Unless you are an owner of many rental units, generally it’s costlier to employ a service of a Property Manager. Besides, it does not make sense to hire a property manager to manage small numbers of property. Small landlording is all about doing stuff yourself. It adds to your profit.
You can distribute the landlord responsibilities into 3 categories.
- Find a new tenant and collect the rent
- Do the small repairs
- Do the major repairs.
You decide what you want to and able to do depending on your availability and skills for repairs.
Whichever way you manage, be aware of the fact that doing stuff by yourself as against hiring a service from someone else can be a game changer from the profitability point of view!
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Thank you and Happy Landlording!!