First Rental Property

Hi Everyone,

I hope you are doing well.

Today I would like to share with you some observations that I have made with regards to land lording.

Many people looking to invest in real estate never end up doing so because they become terrified of the concept of becoming a ‘landlord’.

Some of these aspiring real estate investors believe that once they become a ‘landlord’, they will become a hated person.  A hated person by their tenants, and perhaps a hated person by their friends and family (so they think).

There is a belief out there that all landlords are unappreciative, wealthy Land Barons, who do not have their tenants’ best interests at heart.

I can dispel that myth for you right now.

As with any walk of life, there are bad apples out there that ruin the reputation of the good.

Of course there are some terrible landlords out there that do the unspeakable of things.

We do not care about that group of people, because we are the ones that have to focus on ourselves, and what we are doing in order to create and maintain a good relationship with our tenants. After all, we cannot control other people’s actions, we can only control ourselves!

Personally, as I look back over the past 5 years, in which I have been a landlord, I can confidently say that I have taken serious initiative in order to maintain a good relationship with all of my tenants.

Becoming a landlord that your tenants both like and respect is not hard…

…It does however take effort and consistency.  You also have to be coming from a place of authenticity.  If you are not genuine in what your are doing, it is better to replace yourself with someone who is.

Here are some of the actions that I have taken over the past 5 years as a landlord.  I am continually learning myself and adjusting and tweaking what I do as time goes on.  You can use this list as a guide. Use this list as a resource as well.  These are things that have worked for me.  Maybe you can add to this list, or speak to other experienced and good landlords who will be able to add to the list.  Also, feel free to make recommendations to me as well, so I can add these to my list!

How to become the nicest landlord your tenants will ever have

• When interacting with them, listen 80% of the time, talk 20% of the time
• Do what you say you are going to do
• Return their phone calls and e-mails promptly (same day)
• Smile
• Be proactive — (contact them on a regular basis)
• Don’t let maintenance issues get out of control – deal with them. (now)
• When they first move into your property, give them a nice welcome present (I give a Welcome Basket)
• Around Christmas (a.k.a. ‘The Holiday Season”), drop off to them a present (again, I like giving a good ‘basket’ or a gift certificate)
• Don’t be reactive — (if you are a reactive landlord, in my opinion, you are not doing your job)
• In order to gain respect, you have to show respect.  –(show respect to your tenants)
• It is better to over communicate with them than under communicate

So there you have it!

The above list is by no means an exhaustive list, however, these are the things that I have done over the past 5 years, which have helped me to continually become a better landlord.  Again, feel free to add to the list with some of your recommendations!

To keep up to date with my blog, you can enter your e-mail address on the LEFT hand side of the blog.  In order to receive The First Rental Property Newsletter, you can enter your e-mail address on the RIGHT hand side of the blog.  In the Newsletter, experienced real estate investors will share with you how they bought their first rental property.  They will also share with you some valuable tips and tricks on how to get started as a real estate investor!

Best Regards,

Neil Uttamsingh