Many people with an extra property think about renting it out and becoming a landlord. However, there are many personalities that just are not cut out for that kind of work. Being a good landlord, without being a pushover is must, and many people just don’t have what it takes. The following are personality traits that ultimately make a successful landlord, and these traits should be kept in mind whenever thinking about going down the road of rentals. These traits and skills can always be honed, however, so those wanting to get good can do so, especially if they really need the income a rental property can generate.
Many landlords have learned to be decisive. They have either learned through hard experiences, or they have seemingly just been born with this trait. Either way, if something comes up, such as a broken window, the landlord needs to act immediately, taking method of damage and how much it will cost into consideration. This is just a small example, but when it comes to running a rental property, the landlord must be quick with decisions to keep tenants and themselves happy, as well as keeping the rental property in top shape.
Financial stability is freeing, especially when landlords can enjoy it while renting out their properties. Things can go awry, however, so a trait all landlords must have is the ability to roll with the punches of financial volatility. One or two months can bring peace, financial well-being, and enjoyment, and the next month can bring ongoing repairs or expenses that no landlord really has no control over. Collecting rent from tenants should never be a landlord’s only job, especially when starting out, but should be looked at as a fluctuating presence. Having a stash set aside for eventual problems, should they arise, is a great way to ensure that a landlord won’t break under financial stress.
Landlords who have become successful at what they do have honed their skills to detect and call their tenants out on nonsense and excuses. Why are they late on rent? Oh, their cat died and they had to spend a ton of money for extravagant pet funeral services? Yeah, right. A successful landlord will be able to spot falsities, as well as being able to come to terms with the fact that money changes people in crazy ways. The lack of funds or a sloppy excuse as to why the walls are busted can put a damper on any landlord’s day, but a truly successful landlord will spot it all from a mile away.
The number one trait all landlords must have is patience. This skill can be developed over time, but generally, if a person is naturally an impatient person, being a landlord isn’t the job for them. Among the excuses, the stress of repairs and paperwork, and sometimes the nasty eviction processes, there is the need for patience. If a landlord can’t be patient, they’ll pull their hair out trying to run their rentals.
With all this being said, taking on the role of landlord isn’t a bad gig. Real estate markets are fluctuating so much that having a rental can mean the difference between making the mortgage payment or not. Any aspiring landlord’s best bet is to discuss their options with a real estate attorney, and maybe a real estate coach, as well as utilizing these skills before the screening process, and after moving in the new tenants. One of the real estate coaches I recommend is Peter Harris.