No. 1 Treat Tenants Respectfully
Whether late with the rent, a sharp tongue or simply unreasonable, being respectful can be difficult. There are many resources to learn more about techniques to employ when dealing with difficult people.
No. 2 Be True To Your Word As A Landlord
As an example, when you say it will be fixed on Tuesday, fix it on Tuesday.
No. 3 Keep Your Property In Top Shape
Preventive maintenance, timely repairs by qualified people and utilizing products best designed for the job will pay dividends.
No. 4 Be Picky About Accepting Tenants
It is always tempting to “take a chance” on a prospective tenant as you want the income. On the other hand, if they move in and become a collection problem you have gone backwards.
No. 5 Run It Like A Business
Many issues that affect some landlords can be minimized. An example is a movein/moveout report, using it will be a breath of fresh air.
No. 6 Train And Manage Employees And Contractors Closely
When bringing a new employee or new vendor into a relationship with you and your company, an orientation booklet and specific training to set the desired expectation is vital.
No. 7 Pay Your Vendors On Time
The old saying “fast pay makes for good friends” is an important part of holding a good team together.
No. 8 Stay Close To The Business
It is your responsibility to know how your buildings are being managed. Being on the premises regularly and talking to employees, contractors and tenants allows you to keep a pulse on the happenings.
No. 9 Be Fair, Consistent And Follow Through on What You Promise As A Landlord
When this principle is in place the tenants, employees and contractors know they can expect this level of treatment in a relationship with you and your company.
No. 10 Think Like A Steward
A steward is defined as someone who manages another’s property. The idea is to see yourself as a temporary custodian who will diligently care for the property until such time as it is passed to the next “steward.” And, you want to pass it on as a better property than when you found it.