What Kind of Landlord are You?
Did you know that in real estate, there are different kinds of landlords? Knowing your style and personality as a landlord doesn’t just affect the way you invest, but also affects how you deal with your property and how you relate to your tenants. So, what kind of landlord are you? Before you answer that, let’s dive into a few of these landlord personalities and see how each type influences your rental.
1. The “Hands-On” Landlord
The Hands-On landlord is someone who is ever ready to take complete control over all aspects of their property. If you’re this type of landlord, you would find yourself with a toolbox eveready to take the DIY approach to repairs on your property. You would even screen the tenants yourself before letting out your property to them. You do not hesitate when it comes to answering calls from your tenant and hasten to meet their needs. As a hands-on landlord, you take all the actions necessary if it means saving money from outsourcing to professionals. However, you would know that in some, if not most cases, certain situations would require some of that expert intervention. Once you understand that balance, you take good care of yourself by not spreading yourself too thin and burning yourself out.
2. The “Silent Investor” Landlord
The Silent Investor landlord, or in other words, the hands-off landlord, prefers to merely invest in a property and then afterwards, leave it alone and have nothing more to do with it. If you identify yourself with this personality, you are the type of person who believes owning a property shouldn’t mean managing it. To save you the time, trouble, and hassle, you’d be most likely to employ a property management company to handle your property on the day-to-day. It would cost you a pretty penny to do this, yet it saves you time and energy to focus on other things such as your personal interests. The only thing you ought to do is keep in the loop, be aware and informed whether your investment is yielding the expected returns.
3. The “Tech-Savvy” Landlord
As the name implies, Tech-Savvy landlords use technology such as their smartphone, tablet, laptop as well as applications to help make things easier to manage their rental property. If you are this kind of landlord, you would find yourself making use of property management software, facilitating rent payments online, and doing a lot of digital marketing. This style of property management is very efficient as everything is just a click or tap away, streamlining many of the processes needed. While it makes things easier this way, you should also maintain a personal connection with your tenants to add that human touch to your rental.
4. The “Community Builder” Landlord
Community Builder landlords are the type to care about more than just the investment. If you are this kind of landlord, you would find yourself wanting to get to know your tenants and become involved in the local community. You take an up-close-and-personal approach to understanding the types of people living in the neighbourhood, their reasons for renting, and the state of housing in that area as a whole. You take the initiative to create a positive living environment, maintaining open communication lines, and show genuine care in your tenants’ wellbeing. While this helps to nurture tenants toward longer tenancies and improve your reputation as a landlord, you would do your best to set boundaries to avoid management taking over your personal life
5. The “By-the-Book” Landlord
Landlords who go by the book adhere ever so strictly to the rules. If you are a By-the-book landlord, you would find yourself reverting to contracts, terms of service, and legal obligations as your go-to tools for property management. You are doing your best to keep your property safe and protected, that’s all! While doing this makes tenant and landlord expectations clear while minimising disputes, too many rules might slowly strain your relationship with your tenant, making them feel uneasy to rent with you. Sometimes, a little bit of flexibility and understanding can be beneficial too.
Identifying your landlord style is only the first step. The true difficulty is finding a balance between your instincts and the necessities of practical property management. Depending on the demands, types of properties, and personal objectives of your renters, successful landlords frequently combine elements of these approaches. Moreover, as new regulations, advances in technology, and changing tenant preferences continue to shape the rental property industry, it is all the more necessary to remain flexible, continue learning, and be open to change your style which can help impact your success.
Whatever your landlord style is, remember that maintaining a secure and comfortable rental property, following the property’s legalities, and treating your renters with respect and fairness should be the key of any landlord style. After all, a happy tenant is equal to a successful and stress-free landlord.
