Having had years of experience in the real estate industry and full-time property management, Las Vegas-based Golden Assets and Property Management LLC (GAPM) has learned much about different landlord management styles, what works and what doesn’t. At the end of the day, it won’t come as a surprise to know that landlord management style is also just as the status of the rental property itself.
Starting it right
Every venture should start with good planning. As a landlord, you need to know the basics of starting your rental property business. You also have to be smart and try to list down everything that could possibly happen and list down what can prevent such things.
To start off, prepare a lease agreement that would cover both your rights as the landlord and the rights of the tenants as well. A lease agreement would provide you with a sense of security and assurance that for whatever happens, consequences or compensations will be provided according to the law.
At this stage, try to think up of your own management style that suits your personality. We at Golden understand that in property management and landlord management style, there’s no one thing that suits everyone else. It’s different for every landlord and every type of property. But know that adapting the right attitude
A landlord must also be professional in dealing with tenants. Rifts and conflicts will eventually come up over the duration of a tenant’s occupation in your property, and you have to create just the right mix of being firm yet considerate also.
As time goes, take note of these fall-outs, know what went wrong and what could have made it better. Then, if similar situations come up, you can handle them better.
Setting a strategy
While there are a lot of things that could possibly come up in property management, there is a certain rhythm that a landlord can notice upon observation. Set a strategy and set your own rhythm too, specially in terms of collecting rental pay. Like GAPM, a clear and organized strategy of notifying tenants about their rental pay and an easy, paper-free method of rental payment collection is one strategy that our professional property managers employ for clients.
It’s important to note, however, that no matter how efficient a strategy can be, certain situations will come up that would cause a delay in rental pay. A busy schedule, death of a family member, or delayed salary are just few of the possible reasons. Always remember to be considerate in these cases, else you might lose a good tenant. But if your good judgment tells you otherwise, then take the necessary steps forward.
It’s okay to be nice — but don’t get too friendly. This may give tenants the impression that you are too fluid. Part of being a great landlord is having a flexible personality — considerate and firm — depending on what would suit the situation best.
That said, you should not forget to implement the consequences stipulated in your lease agreement for violations in the latter. This way, you’re making your authority as landlord known.
Keeping boundaries will also give you a more balanced view of things, since the distance will prevent you from biases and impartiality. This will be extremely helpful in the midst of issues that may arise.
Keep in touch
Being a great landlord means maintaining constant constant attention to your property. The most common slide that a landlord may go into is forgetting property maintenance and monitoring, in turn just focusing on the rental income.
It’s highly important to note that every rental property needs some love and care. A tenant may not always do the job — it’s largely up to you. Make sure you keep up with maintenance, monitoring, and hearing out other concerns.
But with the Golden Advantage, you won’t miss out on your scheduled maintenance and monitoring. GAPM keeps an efficient maintenance team that can do quick repairs and fix-ups in a matter of hours. Equipped with years of experience, Golden Assets & Property Management LLC (GAPM) has carved its niche in Las Vegas real estate industry as the leading property management services company. Golden’s efficient team of professional property managers strives to make a partnership with clients and make the most out of their investment.