Everyone who owns rental property strives for a successful experience, but too often that success is mistakenly defined solely as the bottom line.
Making sound financial decisions and conducting comprehensive tenant screenings are undoubtedly very important, but being a great landlord goes well beyond crunching numbers and evaluating reports…
While your experience may never be entirely blissful and free of mistakes, you can achieve greatness (just not necessarily perfection) by taking the following two step approach as a landlord:
Take Care of the Property: A great landlord will routinely engage in preventative maintenance, respond quickly to problems, and make appropriate improvements to attract the highest qualified tenants.
Be a Good Person: A great landlord communicates with tenants, follows through on promises, and handles conflicts in a fair and reasonable manner by showing a willingness to compromise when its appropriate.
In the end, you’ll learn to respect your property as a lucrative business and treat your tenant as a valuable client. Of course, stand firm when it’s warranted, but don’t forget to wiggle a bit when it’s mutually beneficial.