Five Traits to Develop As A Boise Landlord
Take it from us: there’s a lot of responsibilities when it comes to being a landlord! As a property management company here in Boise, we work with a variety of landlords here at Executive Management Services. We’ve identified the top five characteristics that will help you succeed as a landlord.
A landlord simply cannot be successful without being able to stay organized. If you’ve ever looked into how to rent out a house in Boise--much less a multi-family property --you know that there are a lot of moving parts! From marketing the property to leasing, communicating with tenants and collecting rent, staying on top of grounds maintenance and accounting, there is a lot to keep track of. An excellent landlord will have worked out an organized workflow and know where each significant document is at all times.
2. Effective Communication
Communication is key! A landlord should respond to questions and inquiries in a timely manner while offering tenants and potential tenants the respect and courtesy of communicating what to expect and when to expect it. While unexpected occurrences happen from time to time, your clients will know they’re in good hands if you know how to communicate effectively.
Any reputable rental property management service in Boise will have rules, policies, and contracts in place. While these are important, a landlord should also be understanding and compassionate towards their tenants. As you demonstrate understanding and use your best judgment to determine where you can be flexible, your tenants will respect you more and extend the same courtesy in return.
At the end of the day, your relationship with your tenants is transactional; it is a business, after all. While being on good terms with your tenants is a great idea, it’s important to keep your role as a landlord on the forefront of your mind. As you maintain a professional relationship and keep that landlord-tenant respect intact, you will be less likely to struggle with tardy or missing payments.
Being consistent is absolutely crucial in your success as a landlord. All of your interactions with tenants and potential tenants should lay the groundwork for what they can expect from you in the future. Additionally, as you manage your rental property, you should strive to be consistent in your standards and treatment of different tenants as well. Tenants will talk to one another and notice if you treat them differently, which can lead to tension and high turnover rates. Additionally, treating prospects and residents differently is a big red flag for potential tenants and can put you at risk for discrimination claims.
All in all, becoming a landlord can be a daunting task, but with a little patience, you can succeed at it! No one is perfect so don’t get down on yourself if you find you aren’t an exemplary landlord all of the time. Continue to strive to improve so you can develop a positive reputation and attract new, reliable applicants to your rental properties. The fastest way to do so is to work with a residential rental property and apartment management company here in Boise. Such a service can save you a lot of time, money, and headache as you navigate the ins and outs of becoming a landlord. Call Executive Management Services at (208) 314-1400 to learn more.