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The world is full of ‘good’ landlords. In fact, most experienced landlords could probably be described as ‘good,’ but that is not good enough. When you choose to invest in real estate and become a landlord you should never settle for simply being ‘good’ at your job. You should strive to be great.
Becoming a great landlord is actually a relatively easy task if you are willing to set your mind to it and take the first step.
That’s why in order to help you take that step as a landlord and investor we want to offer you a free strategy call at the link below to discuses the steps you need to take to move forward.
Separating Your Landlord and Investor Mindsets
The first step to becoming a great landlord is learning to separate your landlord and investor mindsets. While long-lasting success comes from learning how to balance both mentalities, there are certain circumstances where one mindset will be much more valuable than the other.
For example, maintaining a strong investor mindset can be incredibly valuable for the business side of your investments. Focusing on the numbers and planning ahead in order to achieve your goals as an investor is always a good thing. However, most of your tenants will not care about these goals, so putting them first when acting as a landlord will only serve to separate you from your tenants.
Meanwhile, as a landlord you are the person responsible for providing housing and comfort for your tenants and responding to their needs when they pertain to you and your property. While the business side is still incredibly important, your tenants want to see you as a person first. This will make you much more approachable and help your tenants to feel comfortable speaking to you when something does go wrong.
Good Landlords vs Great Landlords
Once you have separated your investor and landlord mindsets, it is time to look at what the difference is between a good landlord and a great landlord.
A good landlord is simply one that does their job. They collect rent from the tenants each month, send someone to perform regular inspections of the property and respond to maintenance concerns in a reasonable amount of time. This approach is fine, it certainly gets the job done, but it does nothing to foster a relationship or a sense of loyalty in your tenants. As a result, good landlords are more likely to deal with turnover more frequently than great ones.
Meanwhile a great landlord takes the extra steps to stand out and go above and beyond compared to other landlords. While a good landlord may simply give the required 24-hour notice when they plan to enter the unit for one purpose or another, a great landlord may reach out to the tenant in advance and discuss their plans in order to find a date and time that works best for them.
Additionally, a great landlord may develop a personal relationship with the tenant and talk to them about life. This can make tenant interactions much more relaxing and less tense because everything is not strictly business all of the time. However, you should make sure that you do not blur the lines between landlord and tenant too much or else you can make things harder when you need to take action against a tenant who is not fulfilling their responsibilities.
However, the main thing you that great tenants do is understand their tenants on a personal and professional level.
Discover Residential Property Management With This Step By Step Guide
The Key to Understanding Your Tenants
The key to properly understanding your tenants is to identify the three main areas of understanding and focus on them.
Understand Their Needs
Different tenants have different needs. So, if you want to be a great landlord you need to learn how to identify and adjust your plans or adjust your properties in order to suit those needs.
For example, if your tenant is an older individual with mobility issues, a normal bathtub or shower may not suit them, and they may require something that provides them with an option to sit down. You can address this need by replacing the existing bathtub or shower with one that has a bench built in. If that is not feasible or you think the property may be tenanted by younger or more able-bodied tenants in the future who will not need the bench you could offer to help them find a removable shower seat that they can use instead. While they may not need your assistance, the offer can go a long way to help you stand out.
Understand Their Concerns
If a tenant has a concern about the property or the neighbourhood, it is you job to listen as a great landlord. Then, if their concern is something you can assist with, you should take the steps to help.
For example, if your tenant says that they hear a strange sound whenever the furnace starts up in order to warm the house, you should probably bring a technician by the house in order to inspect it. Even if the sound is nothing at all, you can make your tenant feel heard and take the precaution to protect your investment at the same time in case there was a problem.
Understand Their Lifestyle
You likely have a busy lifestyle, and so does your tenant. That is why it is important for you as a great landlord to understand their lifestyle in order to work around it and adapt to it, instead of disrupting it.
For example, if your tenant is a parent who has young children, you may decide that the best time to perform renovations or bring maintenance workers into the property is during the day while they are at school. Or perhaps they work from home, so the best time may be later in the day once they have finished work. Either way, if you are not sure which time would be best, just ask them.
Learn With Us
At LendCity, we work with investors such as yourself every single day and look forward to seeing your growth as you expand your portfolio and hone your skills as a great landlord. So, if you are ready to continue learning how to become a better investor, while also receiving the best available mortgage rates for all of your investments, visit us at LendCity.ca or give us a call at 519-960-0370 today. Alternatively, you can book a strategy call to discuss what it takes to be a great landlord and investor at the link below.