Being a landlord involves two aspects—the practical business side and the “people“ component. Each plays a vital role in the success of any real estate rental venture. The business aspect requires what are often labeled as “hard“ skills, while the people side uses what are commonly referred to as “soft“ skills. Neither skillset can accomplish the task solo.   

 So, let‘s tackle the “hard“ skills first, with three crucial must-haves for property management success.  

 Technical property know-how 

While it is unnecessary to be a general contractor, being familiar with basic building structure and general maintenance is vital. This knowledge will allow a landlord to proactively pursue a maintenance schedule that will protect tenants’ safety and also preserve the value of the property. Identifying the urgency of needed repairs will help him/her prioritize maintenance issues over the long-term.  

 Knowledge of landlord–tenant laws 

A serious-about-the-business landlord will take the time to study the ins and outs of real estate and tenant legislation. He/she should know how to answer a tenant‘s basic questions and where to find answers to more in-depth inquiries. Landlords must also understand the need to be up-to-date on the legal aspects of owning a rental as laws and regulations can change.  

 Ability to maintain a documentation system 

While the process of documenting everything from rental agreements to payment history to property damage may seem like it fits under the general soft skill of organizational abilities, in the world of rental investments, it‘s a “business side“ skill as well. Whether by manual methods that use paper and filing cabinets or digital tools that store documentation in an online account, landlords must determine a process that works well for them. Many find a digital property management tool to be more efficient than storing reams of paper and appreciate how such tools can generate lease agreements, conduct background checks, and keep rental applications in one convenient online location.  

 Now, the soft skills that will help with the people side of owning a rental.  

 Strong communication skills 

Earning first place here is communication skills. An absolute must-have skill for every landlord, effective communicating across all means cannot be overstated. Investing in rentals can involve daily conversing with potential and current tenants, maintenance and repair contractors, as well as utility service representatives. And let‘s not forget that an essential aspect of communication is listening and processing both verbal and written conversations. Strong communication skills will serve a landlord across every aspect of the business.    

 A commitment to be prompt, attentive, responsible    

Procrastination will not serve a landlord, or his tenants, well. Neither will a tendency to make light of a tenant‘s concerns or property maintenance issues. Effective landlords understand their responsibility to be available or provide alternate support to tenants. They accept that their tenants have the right to expect good housing conditions. When issues arise, and they will arise, it is the landlord‘s responsibility to resolve the situation promptly.  

 Conflict resolution skills 

At some point, every landlord will need to engage his/her “people“ skills to resolve a conflict. Whether tensions arise over late rent payments, a broken appliance, or between neighboring tenants, the ability to handle the situation in a calm, relaxed manner could make all the difference in the world. The ability to be objective rather than defensive will significantly improve the chances of a satisfying outcome for all involved.  

 At Rentals America, we‘re pros at helping landlords navigate the rental market and handle the day-to-day hassles of property management. We offer a full range of property management services tailored to you as an investor, homeowner, or landlord.  Contact us today, so that you can rest easy.