Property management is a rewarding job that allows you to work from a home office. That said, managing a property comes with plenty of challenges and responsibilities. Follow along as we explore a few simple ways you can be a good landlord and improve your property management skills.
Stay Organized
Landlords have a lot of tasks and information to manage, from leases and maintenance schedules to budgets and inspection paperwork. That’s why organization is a key part of being a good landlord.
Create a reliable filing system, whether it’s in a traditional or digital format. Being able to locate files easily will save you from a headache down the road. Consider creating a system for screening new tenants and coordinating with maintenance staff. Once you have a system set up, you can easily create to-do lists and workflows.
Understand Local Rules and Regulations
As a property manager, following local and national regulations is one of your biggest responsibilities. If you don’t comply, you could risk the safety of your tenants and face fines or other legal action.
Rental property regulations can vary a lot between states, so make sure you understand your local laws. For example, in New York, rental properties must meet strict fire sprinkler maintenance requirements.
Work on Your Communication Skills
Building a respectful relationship with your tenants is one of the simple ways you can be a good landlord. Open communication is a great way to establish trust between you and your tenant. When interacting with your tenants, be straightforward with your expectations while still showing empathy. If they feel respected, they’re more likely to be better tenants who will respect you and your property.
Managing a property is a juggling act of budgets, tenants, and maintenance. If you’re an organized person with solid communication skills who’s willing to learn building laws, you’re on your way to becoming a great landlord.
