There are the days I wonder if being a landlord is just another one of those items on a to-do-list or is it truly an art?  I know over the the years the best landlords develop skills to achieve excellence.  Download a free list https://mycoreintentions.com/product/the-property-management-55 of the 55-tasks landlords must do to manage effectively. 

Some of the specific metrics like: researching and choosing the best insurance carriers who with the right coverage for a specific property.  Outstanding landlords set up good financials and understand the best tax strategies. These great landlord acknowledging where they are currently.  Operating multi-family properties is a business. Any good business knows you need to have a baseline and see where you are going next.  A system like this allows them to build a strong plan to achieve the projected growth.  Budgets for line items such as expenses, repairs and maintenance, need to be built on an annual basis off the previous years performance.  When looking at these items you can see how to make necessary changes to reduce expenses. 

Great landlords build standards to market and attract outstanding tenants. Systems for pre-screening tenants, the application and approval as well as the move in and move out process need to be in place.  Leases need to be reviewed and revised on an annual basis.  There are always those mishaps that happen during the year that make you pause and say “we need to add this to our lease.”  This helps you build a solid lease so great tenants will reside in the property.   Evictions are tough but a necessary part of the job.  Having good systems in place to serve notices, file suit and to appear in court provides for better time management.   

Landlords who are absolutely the best in their fields are those who master solid communication and tenant retention skills.  Great communicators know and understand what a tenant is looking for.  Once having that knowledge these landlords develop an art to sign leases beyond a standard term consistently.  Working seamlessly will show in the property performance.  Great landlords help properties grow in cash flow and value.  The best performing properties are that way because the landlords are the best at what they do. If you are looking for more insight or skill training call me.      

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