If you're considering becoming a landlord, it's likely that you've thought over the responsibilities and implications of such a job a number of times. For those who are still wondering whether they'll be cut out for the job, consider the three must-have qualities below.
1. You're Willing to Learn As You Go
Unless you've been raised in the world of real estate and landlording, everything you know will come from on-the-job experience.
As a landlord, it's your job to provide the services for which your tenants are paying. The services you provide can range tremendously from checking smoke detectors on a regular basis to performing basic plumbing repairs and maintenance. Unless you hire a building manager or are willing to pay for professional services on a constant basis, you'll be doing a lot of work on your own. You'll also be required to learn the landlord-tenant dance and know where your responsibilities start and end, as well as how to handle tenant relationships gone bad.
2. You're Able to Stand Your Ground
It's unlikely that you're landlording for the fun of it – for most landlords, having tenants is a source of income first and foremost. As a landlord, it's vital that you're able to stand your ground. This includes enforcing anything mentioned in the lease without allowing your tenants to take advantage of you. The relationship between landlords and tenants is a business one, which is why you must maintain the utmost professionalism. If you allow your tenants to take advantage of you once, it's highly likely that they'll do so in the future. If you're one who usually backs down from a challenge and would rather avoid confrontation, landlording is not for you.
3. You Know When You Need Help
Landlords don't know everything, and it takes a person with a great sense of responsibility and humility to ask for help. If you're in over your head, it's important that you know when to ask for help. This help can be in the form of repairs and maintenance help from a property management team or legal help from a real estate attorney for such things as when looking to evict a tenant. You shouldn't expect yourself to be able to do everything on your own and it's more than alright to ask for help in areas in which you're less knowledgeable. Knowledge takes time, so even if you intend to learn along the way, you still may need help until you're feeling confident in your abilities.
While becoming a landlord can certainly be a fulfilling job, it also takes a lot of courage and humility. To learn more about the responsibilities of a landlord, talk with someone who's knowledgeable in the field, such as a land manager, real estate attorney, or property management company like ABC Property Managers Inc.