As landlords, it can sometimes be difficult to find a healthy level of involvement when managing rental properties. For some people, it can be tempting to hover over every property and tenant, micro-managing the small details of a unit. For others, involvement can swing the other way, and properties are managed from such a far distance that neglect can begin to set in. So, what does it look like to be involved at a healthy level? And what is the value of this approach? This article will attempt to answer both of these questions. Let’s begin with the first one below.
What Does it Mean to Be an Involved Landlord?
From my experience, I think being an involved landlord can be as simple as driving by your properties on a regular basis (at a minimum every 4-6 weeks). As you drive through the neighborhoods where you have rental property, check a few things:
- The exterior of your properties. Are the yards well-maintained? Are the driveways clean? Are there any obvious damages to the property?
- The exterior of other properties. What does the rest of the neighborhood look like? Are there any reasons for concern?
- The neighborhood dynamic. Are there kids playing outside? Does it look like a safe area? Is the street cleaned up?
If you find that your properties need attention, make the appropriate calls to tenants and schedule repairs if necessary. Oftentimes, how a tenant cares for the exterior of a property is how they will care for the interior of a property. If there are major issues to the exterior of the property (neglected lawns, oil on driveways, idle vehicles, personal belongings piled up, etc.), it may be worthwhile to investigate the property’s interior.
Beyond driving through neighborhoods, here are a few other tips and tricks when it comes to being an involved landlord.
- Create calendar appointments. Hold yourself accountable to checking in on properties by scheduling recurring check-ups. This can include appointments for driving through neighborhoods!
- Create and follow a maintenance checklist. Make sure you have a good understanding of what maintenance needs to be performed on your properties and when. Some checklists will need to be customized according to the rental unit and/or neighborhood.
- Contact tenants on an appropriate, regular basis. Make sure to notify your tenants if you have an issue with their unit, and let them know that you are available for other issues. If you have a property manager, be in contact with him or her about how (and when) to communicate with tenants and report back to you.
- Respect tenants’ space. Make sure that your tenants are aware of your presence and/or when you have serviced their unit. As you work with them, try to develop a cordial, professional relationship.
While it takes a decent amount of effort and energy to be an involved landlord, I think it’s incredibly valuable. I’ll explain why in the next section.
What is the Value of Being an Involved Landlord?
If you maintain and manage your properties with a healthy level of involvement, it’s likely that you will experience some benefits. Let’s take a look at a few of them below.
- You build respect with your tenants. If your tenants recognize your involvement, it is likely that they will appreciate your careful attention and care. In some cases, if a tenant notices that you respect the unit and them, they will be more likely to respect you and the unit in return.
- You gain credibility. When people drive by your properties and see that they are consistently taken care of, you gain some credibility as a landlord. Furthermore, if people hear good things about your properties, they are more likely to rent from you.
- Your properties acquire long-term value. If you keep tabs on your properties and are proactive with repairs and maintenance, you will add to the longevity of each unit. By outlining and maintaining a high level of quality, your property is likely to last longer.
An important note: even if you don’t experience the benefits listed above, I think there is deep value in being a good steward of what you’ve been given. As a Christian, I feel particularly passionate about this, and I believe that when we are entrusted with certain resources, we are expected to manage them well. This belief impacts the way our company operates and how we take care of our properties. And from our experience, it’s worth it!
In Summary:
- Depending on your management style, you may teeter into the “nosy” or the “neglect” landlord category from time to time. Regardless of which one is more tempting to you, I think it’s important to move toward a healthy level of involvement.
- You can be an involved landlord in many ways. A few that have worked for me include driving through neighborhoods, following a maintenance schedule, contacting tenants on a regular basis, and respecting tenants’ space.
- Being an involved landlord has several benefits, but I think the deepest value of all can be boiled down to stewardship. When God gives us something, He expects us to steward it well.