It feels good to be a landlord! The median asking rent for vacant units is more than $1,200. If you have enough tenants, you may be able to become a professional landlord without needing a second job.
However, you can't just buy a house or apartment building and expect to turn a profit. Becoming a landlord is a process that cultivates a few key characteristics.
What are the landlord traits that successful landlords have? How should you deal with difficult situations and tenants? How can you maintain a respectful yet productive relationship with your tenants?
Answer these questions and you can become the best landlord in Chicago. Here are six traits you should have.
1. Responsiveness
Successful landlords will respond to complaints and comments from their tenants as soon as possible. It is okay for you to wait until you have a full understanding of what is going on. But you should tell your tenant that you will get back to them and give them the help they need.
2. Strong Communication Skills
You should know how to write concise emails, make phone calls, and have effective face-to-face conversations. You should know everything about the properties you are managing, and you should be able to answer questions from your tenants.
3. Willingness to Learn
Landlord careers are not dead-end careers. You should always be learning about good landlord qualities and practices.
You should ask questions to your tenants about what you can do to improve your practices. You should also be willing to learn about your tenants' lives. Understanding their likes, interests, and careers can help you have conversations and develop a rental schedule.
4. Calmness
As a landlord, you are going to deal with many frustrating situations. You must respond to these situations without losing your temper or blaming other people.
When you make a mistake, you should accept responsibility and calm the affected people down. When a tenant doesn't pay rent, you should reach out to them and figure out a way to resolve the situation.
5. Professionalism
You should maintain boundaries between yourself and your tenants. You should not treat them as friends or enemies, but instead as clients. This allows you to deal with their complaints effectively and go through the eviction process without emotional damage.
You must follow all Illinois landlord and tenant laws. You must respect the right of your tenants to live in a safe space and request repairs. But you do have your own rights to ask for a security deposit and charge fees for late rent payments.
6. Compassion
At the same time, you should be willing to cut your tenants some slack. It is okay if they miss one regular rent payment, as long as they pay it back within a few days. You should also send your tenants flowers if they lose loved ones and give them time to deal with emotional situations.
Becoming a Landlord the Right Way
You can start becoming a landlord if you develop the right qualities. You should be responsive and effective when you are talking to your tenants. You should reach out to them once problems arise and answer all questions they have.
You must be willing to learn how to become a landlord. You should understand how to remain calm and courteous with your tenants, respecting their rights. Yet you can be compassionate, offering them extensions when they need them.
Don't become a landlord by yourself. HomeRiver Group Chicago helps landlords manage their properties. Contact us today.
