5 HABITS OF SUCCESSFUL PROPERTY INVESTORS

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Successful property investors do more than just buy and sell ideal properties. They also embody important traits and take great care of their tenants.

Are you looking for ways to become more successful in your real estate investment business? Being a successful investor involves multiple factors, and here are the top five habits to adopt when success is your goal.

The first thing successful property investors do is hire a property manager. For some, that means hiring an individual to oversee daily operations and manage tenant needs and interactions. Other investors hire a property management company to handle every aspect of their investment business.

For example, landlords who work with property managers hand off all daily landlord duties plus several additional aspects of their business. They not only outsource small things like collecting rent and showing vacancies, but they also hand over marketing and legal matters.

When your goal is to become a successful investor, at some point, you’ll need to outsource your landlord duties. You can’t create a successful investment portfolio if you’re constantly managing all the minutia yourself. You just won’t have the time or energy.

Successful property managers are highly organized. They have to be in order to keep track of their investments, tenant needs, repairs, potential deals, profits, and losses.

Organization is one skill that will never go to waste. When you’re organized, you know what needs to be done and you don’t have to fuss about any of it. For instance, being organized includes having a set availability for meeting with tenants so nobody takes advantage of your free time.

Organization also includes the ability to schedule your appointments and phone calls without burning out or becoming resentful of the work you’re doing. Most professionals block their schedule with phone calls on the same day so they can zip through them back-to-back with at least fifteen minutes between each call.

Successful property investors prioritize clear communication with their tenants. This includes communicating tough subjects. For instance, if a tenant has broken the lease agreement, they’ll send them a professional notice letting them know they have X number of days to correct the violation or there will be consequences. Not in a threatening manner, but as a matter-of-fact.

Clear communication is an essential ingredient for success in any industry, and it’s especially important when dealing with tenants. You can’t afford to have your tenants misunderstand your intentions, instructions, or requests.

When you’re a property investor, your tenants are your source of income. The most successful property investors care about their tenants and make sure their dwelling is habitable, up-to-code, and enjoyable.

Caring about your tenants looks different depending on the type of property you’re renting, but in general, it looks like this:

• Responding to phone calls, emails, and text messages from tenants in a timely manner with proposed solutions.
• Fixing things that break within a reasonable time period.
• Responding to emergencies like you would with your own family.
• Being personable and polite in your communications.
• Making sure your tenants know they can count on you and trust you to uphold your end of the lease agreement.
• Being reasonable and cutting some slack once in a while when it’s warranted. For instance, when a good tenant needs a few extra days to pay the rent, waiving the late fee can go a long way to make them feel good.

Above all, caring about your tenants means putting their needs first. Good tenants won’t walk all over you when the relationship is mutually respectful. However, sometimes you need to reach out with generosity first.

A successful property investor always makes the tough business decisions that matter. For example, you might need to reject a tenant application or sell a property and give long-term tenants notice to vacate. Or, you might need to deny an unreasonable modification request from a disabled tenant when there’s a cheaper option available that meets your legal requirements.

There could be renovations you need to complete before your next tenant moves in, or you might decide to skip certain renovations because it won’t add to your profitability. Either way, you’ll be faced with tough decisions and you’ll need to make fast decisions to maintain profitability.

No matter what kind of properties you have in your investment portfolio, success will come from developing good habits. Start by prioritizing clear communication with your tenants and the rest will fall into place much easier.