Want to become a landlord? Read on to find out what successful property managers have in common:
There are many people who get rejuvenated when they switch their career. You might feel like it is finally time to say goodbye to your current job and try something different.
If this is the case, you need to think outside of the box in terms of the new career path you will pursue.
You might not have thought about a career as a property manager. However, this is a job that definitely merits some serious consideration.
Here are some of the primary reasons why being a property manager would be a smart career to look into.
Why Become a Property Manager
1. The money is very good.
Are you unsatisfied with the money you are taking home at your current job? You will find that successful property managers make very good money.
The income you make might be able to give you the type of lifestyle that you have been trying to achieve for many years.
The money that property managers get paid will vary depending on the company they work for. However, the field as a whole is known for compensating people very generously.
2. It gives you the ability to move up the ladder.
It is very common for people to be unhappy with their job because they have been forced to stay in the same position for a long time without being promoted.
There are also people who find that they have hit a wall in their career because there are no more higher level promotions available in their field.
Successful property managers do not need to deal with these issues. There is always sufficient room for hungry people to move up the ladder with promotions.
This is assuming they work hard and prove their worth to their superiors.
3. A college degree is not a necessity.
Finding the time and money to go to college for four years is very hard for many people who already have responsibilities like kids and a mortgage payment.
These people need career options that do not require that type of large time and money commitment. Fortunately, you do not need a traditional college degree to get the education needed to get a job as a property manager.
It will also cost you much less to complete your studies than a bachelor’s degree would cost you.
This is why it is an ideal career option for people who are on a budget and do not want to take out a large college loan.
You can start your new career without having to pay off a loan.
If you have just purchased some rental properties, you are probably gung-ho about the thought of being a landlord.
At the same time, you might be a bit overwhelmed at your sudden increase in responsibilities. Fortunately, with some proper preparation and dedication, you can be an effective and successful landlord. Here’s how.
What Successful Property Managers Have in Common
Be Vigilant About Safety and Security
Good landlords want their tenants to be safe and secure at all times, and they also want to avoid having their properties vandalized or broken into.
In order to achieve this goal as a devoted property manager, consider investing in a security camera system that features Color Night Vision. This is especially important for condos or businesses that require round-the-clock security.
Read also: 67 Side Hustle Ideas to Earn an Extra $1000/Month
Treat Your Landlord Business Like a Business
As Forbes notes, landlords who succeed do so because they treat their business like an actual business and not a side hustle or hobby.
Even if you work at a regular job during the week, you cannot expect to be a decent landlord if you don’t commit to a number of basic principles of business owners, including being extremely organized, focusing on customer service, outsourcing tasks when needed and are fair yet firm when dealing with tenants.
Also, landlords who feel that they can tackle the majority of their work on weekends will not do as well as those who respond promptly to residents who are having an issue during the week. Which brings us to our next tip.
Communicate Clearly and Be Available
Picture this: your tenant has just discovered his hot water is not working; he is probably frustrated and stressed out.
Imagine now how much worse he will feel if he cannot reach you, or if he leaves you a voicemail and you take all day to reply.
Successful property managers let their tenants know how they can be reached and are extremely responsive.
As Landlordology notes, it is much cheaper to retain a good tenant than to find a new one for your property.
If you treat your tenants with respect, communicate clearly about when rent is due, what improvements, if any, they are allowed to make on the property and you stay on top of their questions and concerns, they will be much more likely to stay in your rentals.
Stay Abreast of Current Laws and Legislation
Landlord-tenant laws in the United States govern the rules, rights and responsibilities of everyone in the rental agreement.
However, each of the 50 states has different laws pertaining to landlord-tenant rights.
Prior to putting your properties on the market for rent, familiarize yourself with the rental laws in your state.
As you move along in your career as a landlord, watch for opportunities to attend seminars and classes that will teach you about any updates in these laws.
With Time, Effort and Dedication, You Will Be a Great Landlord
You have the interest and the properties, now you need the skills to become a great landlord.
Thankfully, a solid combination of taking this important job seriously combined with being dedicated to good communication, safety, security and legislation will go a long way in helping you to be the best landlord possible.
What other qualities and habits of successful property managers do you know about?
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