So you have a rental property and are ready to find tenants. Perhaps, you are wondering if you are ready for the responsibility of being a landlord. Being a landlord is a very rewarding job, but not everyone is cut out for it. In order to be a successful landlord, it is important to have these 5 personality traits.
- You're an Extrovert: Working as a landlord means you will be talking with lots of people, even if you only have one rental property. Being an extrovert will allow you to be able to relate to several different kinds of people, and work together successfully. Introverts can still be landlords, but may find all the interaction stressful.
- Detail-Oriented: There are lots of details to keep track of for your rental properties, especially financial details. A detail-oriented person will always make sure late fees are paid when necessary, and other deadlines are met. You will also double-check all your records to make sure information has been entered correctly for applications, rent payments, and security deposits.
- Organized: Being organized goes hand-in-hand with being detail orientated. The most successful landlords have a system for organizing all the documents pertaining to their rental properties including leases, rent payments, tenant screening forms, and property tax information.
- You're Ready to Take Action: A crucial part of being a landlord is being able to take action when needed. A good landlord does not procrastinate, but rather tends to the needs of their tenants as soon as possible. Especially when it concerns maintenance emergencies, taking action sooner rather than later will keep your tenants happy and save you money on extensive repairs.
- Fair: One of the most important personality traits for a successful landlord is to be fair. When you begin meeting with prospective tenants, you will be introduced to all different kinds of people. It is important to be fair and not discriminate against anyone based on their race, sex, religion, or orientation.
If this sounds like you, then you are ready for the task of being a successful landlord!