If you own a rental property that you’re looking to rent out, congratulations! According to research by LandlordStation.com, only an estimated 3% of Americans own a rental property, which puts you in a position to make some serious extra income.
However, becoming a landlord is no easy feat. We at MK Management Group, a leading manager of Temple University student housing in Philadelphia, have to possess the following four qualities if you expect to turn your rental home into a profitable business.
- Communication. When your tenants feel like you care and listen to their complaints and concerns, they’ll be more likely to pay their bills on time and treat your space with respect. Well-developed listening and communication skills can help you keep reliable tenants filling your properties.
- Organization. Checks, maintenance requests and notices, oh my! As a landlord, your brain will be pulled in a million different directions, and you’ll need to learn to keep track of all the paperwork that comes along with owning a rental property. You’ll also need to maintain a schedule of repairs, taxes due and rent checks paid to make sure that you aren’t losing money or charging a tenant who has already paid.
- Flexibility. Being a landlord is far from your average 9-to-5 job! From calls at midnight from a tenant with plumbing issues to chasing down a tenant who is three weeks late on their rent, you’ll need to keep a flexible schedule to be an effective landlord.
- Commitment. Unless you have a formal education in housing legality and tenant’s rights, you’ll have a lot of reading to do if you want to stay within the laws while renting your property. For example, did you know that it is illegal to show up at your property when it is occupied by a tenant with less than 24 hours notice unless it’s an emergency? Understanding the laws related to renting your property can make or break you as a landlord, and can help you prevent costly legal fees.
Don’t have time to develop these four qualities in yourself? Hire the professionals who already have them!
If you need assistance managing a rental property, contact our team at MK Management Group, the leaders of property leasing in Manayunk. We can help you make more money on your rental property.