6 QUALITIES TO BE A SUCCESSFUL LANDLORD

 

Being a landlord is almost like being a superhero. You have to be very good at doing many different kinds of things to get the job done right. Here are six qualities that define a good landlord:

1. People skills

A good landlord is flexible and can keep cool even in the most trying circumstances. He or she is also a good communicator and assertive without being aggressive.

2. Management expertise

Land-lording requires that an ability to organize and prioritize many different tasks and set goals. It also means being able deal effectively with work interruptions and solve problems under pressure.

3. Business know how

Renting is a business. Landlords need to be able to market their properties, collect money from tenants and make tough business decisions that may include having to evict non-paying and/or difficult tenants.

4. Handyman skills

A landlord who can do simple plumbing, electrical and carpentry work as well as furnace and water heater maintenance can save money. Basic handyman knowledge also makes it easier to hire the right people for jobs that require more expertise.

5. Bookkeeping savvy

Landlords should have an understanding of financing, interest rates, credit reports, filling out and filing business reports and preparing income tax returns.

6. Financial stability

A good financial record is crucial. This means a solid credit history as well as money set aside for any and all eventualities and emergencies.

Each area that is a weakness will make your job that much more challenging. Even if you have all these bases covered, you may find that you lack one thing: time. At Herman Boswell Property Management, we’re here to make managing property a snap because we know that even the most committed superheroes need a little help sometimes. Let us simplify your life: contact us today!