In medieval and manorial times, the word landlord often took on many negative connotations from an emphasis on crime to a malevolent land owner. Now, in the modern day, landlords manage apartment complexes and homeowners associations in an efficient, reliable, and professional way.
Common Issues Landlords Face
Landlords wear many hats during their tenure. These “hats” could include being a fix-it person, bill collector, or negotiator. Staying on top of issues can be a stressful but also rewarding career in the property management field. If you are considering entering the industry, three issues that you will want to prepare yourself for as you take on this industry include:
- Turnover rates
- Late payments
- Maintenance calls
You can prevent these common issues by following certain protocols, including:
- Treat rental property like your business
- Enforce and follow the rules
- Make it easy for tenants to pay you
Must-Have Qualities of a Good Landlord
What exactly does it take to be a good property manager or landlord? More importantly, what qualities should a landlord possess in order to do their job efficiently?
Knowledge
Landlords need to have a broad depth of knowledge into many areas. This includes the ability to market their properties and financially manage the money coming in through residents as well as money being spent on major renovations.
Landlords should also have a working knowledge of the major components of their building including plumbing, pest management, landscaping and more. It doesn’t mean that a landlord should be able to fix every issue, but rather be able to know when a simple fix is needed and when to call in the professionals.
Communication
Property managers and landlords live in a time when communication, especially digital communication, can make their job much easier. Text messages, emails, and voicemails can make repairs and communicate about upcoming events like master repairs and landscaping that may be happening in the coming weeks.
Being able to let your landlord know about a problem and get fast feedback from them is an important part of being a reliable landlord. There are many new software apps available to keep the lines of communication open from both sides.
Professionalism
Being a good landlord often means wearing many hats over the course of the day from on-the-fly repair person to financial wizard. Being professional in each of these positions is also a critical part of being a respected landlord.
At the very least, a landlord is invested in a property. Invested enough to make needed improvements for the residents who live in the community. Most landlords are passionate about their jobs and show pride in the improvements they make in their properties.
Are you a new or established landlord in the Greater Boston region looking for more information on adding to your property? Follow our blog or contact us for more insightful ideas.