Success isn’t built overnight, and it’s certainly not built by noon, either. But you can build the foundation for a profitable life and follow the path of other successful landlords with just a few simple daily habits.
This guide walks you through the five tasks every landlord should prioritize so you can get a head start in the real estate business.
Organize your properties—and then reorganize—and organize again
Keep a record of every property you are in charge of and any key factors about them. Writing these down will organize them effectively so you can find the information you need with ease in the future. You’ll use those notes often throughout your daily routine, and it will help you convey professionalism to all the tenants, property managers, and subcontractors you work with.
Successful landlords also update their lists at least once a week and refer to them every day. The more you look at them, the better the information will stick in your mind, and you’ll be more likely to spot problem areas in your properties.
Delegate tasks to property managers
Tackling multiple tasks at one go can be difficult to manage, and it will likely lead to excessive stress and burnout over time. Instead, hire a property manager that can take some weight off your shoulders.
Some companies dedicate themselves to just managing other properties, which assures you that they specialize in their area of expertise. Others, like this real estate company in San Diego, offer a variety of realtor services, too, which demonstrates their knowledge of all things real estate. Look into both types and choose the one that matches your personal style.
Refresh your knowledge of fair housing
You likely took a crash course of fair housing before you entered the real estate world, but the really successful landlords always read up on it again—whether they’re brand new to this career or not.
While you’re there, take a look at the latest news and trends in the industry. When you stay up-to-date on current events, you’re more likely to spot worrisome market trends and rare real estate opportunities.
Find good tenants with marketing proven by past successful landlords
Advertising your properties well will allow you to find the types of tenants you want. Use effective marketing techniques such as using bright simple photos and listing the information so it is easy to read and pick out the key information so they can instantly see if it is a good match.
Don’t be afraid to get creative with your platforms, either. Use LinkedIn and Facebook, sure, but try your hand at apps like Pinterest to target other parts of your demographic. Make sure your listings on sites like Apartments.com or Zillow are up to date.
Remember that exposure doesn’t do much if your content is poorly written or designed. Successful landlords hire a graphic designer or branding specialist when they feel like their marketing content is lackluster.
Find the balance between being a fair and a successful landlord
It is best to avoid personal relationships when it comes to choosing your tenant because it causes problems later on. Have a meeting with all your prospective clients to make sure you click with them—including property managers and tenants alike.
When you establish these habits, you’ll be that much closer to becoming a successful landlord. We hope these tips will guide you through the tricky process of owning real estate so you too can experience profits and success.