Important Lessons for Successful Landlordship
An Ancient Practice, A Modern Convenience
The practice of leasing out property to tenants to live in seems to be an integral part of modern society and its many forms of quick and instant gratification.
Finding a new place to live, be it permanent or temporary, is as simple as finding an apartment for rent on the internet, making a few deals, and within a week you’ll be calling a new place your home.
But truthfully speaking, property renting is a practice that can be traced back to feudal times, where a similar system called manoralism was employed.
Under this system, a “landed estate” was owned by a Lord of the Manor, whom were typically members of the lower nobility classes. In some cases, they were even knights.
This system slowly evolved over the centuries to resemble and behave in the forms that it does today, where any person or entity can provide housing to people who themselves don’t own said property.
Why Clear, Consistent Communication for Landlords is Important
Today, apartment renting has long become a staple of modern society. About 17% of Americans live in an apartment or condo. Living in an apartment is, for many people in American and elsewhere, cheaper and less of a hassle than pursuing ownership of a house — especially for people who don’t have a lot of money, like students or low-income earners.
The business of renting out property to people is just that — a business. A business that can go right or wrong — an outcome that depends entirely upon your decisions and input, as the property owner.
Here is some wisdom for running this business successfully, so you can avoid the failures that have plagued so many other landlords.
This advice comes straight from the mouth of Steven Taylor LA, a blog ran by a man of the same name. Steven Taylor is one of the biggest names in the Los Angeles Real Estate community, and any advice he can give is sure to lead to prosperity and success, so be sure to listen!
Establish Clear, Consistent, and Transparent communication.
The business and practice of renting property to other people requires the acknowledgment of that very fact — that they are living, breathing people with needs just as significant as yours.
If you are to perform your duties successfully as a landlord and thus meet success financially, you have to tend to these needs with clear communication of expectations, and show these same people the respect they deserve.
Information like rent rate and established payment schedules need to be established ASAP, along with any other pressing concerns that tenants should know.
This will keep them happy because they can live and function properly with the necessary information and orientation that is your job as a landlord to provide.
If there are any problems that suddenly arise that tenants need to know about, or any discrepancies between landlord and tenant (such as late payments, problems with the property, troublesome persons, etc.), quick, effective, and immediate communication about these issues is a top priority.