By Melissa Dorman, July 16, 2021
If you are a first-time landlord, good habits are crucial to your success. Her are some habits that successful landlords do to boost their revenue, save time, and build a strong reputation in the rental market.
- Communication is key.Not only do you need to communicate effectively and regularly with your tenants, but also with contractors, property inspectors, and local government agencies. To make communication, successful landlords use templates for all their documents via property management software. This saves time and ensures that everything from collecting rent to e-signing lease agreements or managing maintenance is timely and thorough.
- Embrace technology!Use the latest technology to stay organized, save time, resources and money. From Rent collection to virtual showings and procedures for recurring tasks, there is virtually no landlord-related task that you can’t do using technology. Using technology to be proactive concerning property maintenance, communication with tenants, and rent collection will save you time and money.
- Build a network of trusted professionals.The five essential professionals you need in your network are an electrician, plumber, roofer, carpenter, and plumber. It’s also worth ensuring that you have an attorney, real estate agent, and trusted accountant in your network.
- Set goals for growth.Plan for where do you want your business to be in two, three, or five years. Setting goals will help you realize your dreams.
- Think about your niche.What about a property-related niche? This could be golf course communities, retirement communities, resort housing, or historic homes. Or you could allow pets in your rentals as standard to attract a wider audience. Additionally, you could fit your rentals out with the latest smart technology to attract higher-paying professionals. realize your dreams.
Broker | OR & WA
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
Broker | OR & WA