Perhaps you’ve had an awful landlord (or ten?) throughout the years.
A lackluster landlord can make all the difference in a renter’s experience and their bad traits can truly span the spectrum: Grumpy, inattentive, financially inept, nonresponsive, inconsiderate and the list goes on and on.
If you’ve had personal experience with a subpar landlord, the last thing you want to do is become one yourself. It’s a no-win for everyone involved including the renter that has to deal with you and your bottom line (who is going to want to rent from a dud?).
So, when you’re in the position of managing or co-managing a property, here are three steps to becoming the best landlord possible:
1) Ensure your home is on its A-game.
If there’s a glaringly obvious repair that needs to be made, wouldn’t you want that done if you lived there? Also, are there elements of the property that could use a quick and affordable spruce? By priming your property (and keeping it in top shape!), you’ll attract more business up-front and have a better chance of retaining tenants.
2) Screen your tenants with care.
Contingent on a number of factors, you may be waiting days or potentially weeks for a tenant application to roll in. That doesn’t necessarily mean you have to settle on the first one. Do your due diligence: Contact references, conduct a background check and ensure their income matches what’s needed to be sustainable.
3) Get organized (like those bowling shoes in our photo!).
For landlords and property owners, it’s important to remember that this is an investment. Whether it’s your list of vendors for when there is an emergency, your financial books or your 24/7 channel of communication with tenants, you’ll need be organized and ready for whatever property management may throw your way.
In some instances, you may not be able to do it alone and the professionals are ready to help. To kick your property management efforts into high-gear, give Arlington Realty Property Management a buzz today at 703-836-2525 or email mypropertymgr@gmail.com.
