5 C's for Successful Decision Making
Being a Lady Landlord is WORK!
If you are looking for truly passive income, you have come to the wrong place! You have property acquisition, deal analysis, lead generation and that's all before you EVEN get the property to rent! Then, you have to prep it and your time gets used up dealing with tenant management issues. We get rewarded for it through rent payments, but we definitely work for our money!
Landlording isn't hard though when done right!
When first starting out, it can be intimidating to work with tenants but, so is everything else that you are doing for the first time. You have to learn, study, and always be refining your best practices. I am happy we have the Lady Landlords Facebook Group available to help you through the Do's and the Don'ts and to get feedback on your specific situations, but but remember there are a lot more decisions you make every day about your business and rental properties than what we see in the group. You should pat yourself on the back because if you are reading this, that means you are doing something good for yourself to ensure you are being the best Lady Landlord possible!
But, there is always room for improvement!
Make sure you are following the 5 C's when making decisions. They apply if you self-manage or have a Property Manager, and regardless if the property is across the street or across the country:
Opening a dialogue can works wonders for problem solving. It makes people feel heard and that they are able to contribute to resolving an ongoing issue. Many times, miscommunication can leave people with hurt feelings which will only fuel a bad situation. By bringing a conversation to light in a calm and cool way, most of my tenant issues have been easily solved. Remember to listen to the other side just as you expect to be heard too. If you feel that the situation is hostile, keep things in writing and move to the next C below!
Before situations get out of hand, be sure to have expectations and all your rental terms laid out and agreed upon. I feel the reason so many ladies have issues is because they started with a sub-par lease that leaves too much ambiguity. Problems arise out of unclear expectations and business practices. So why let that even happen? Make sure to start off on the right foot! Get your lease and other legal documents here!
3. Common Sense:
You clearly can't account for every single possible situation in a lease as that would be WAY too many pages. So, if you outlined what you could, next step is to use your logic and common sense to handle situations. Here is where you have an issue that isn't clearly defined in your lease so now you have to come up with a solution moving forward. Most of the time, thinking through what is the path of least resistance will help you get things solved amicably and the most efficient for your time and money. Once you think of your answer, make sure to go back to the first C to put it into play. 😉
Still can't come to the right answer? Think of how you would want to be treated. Yes, this is a business but we provide a service and keeping our customers happy is crucial to our continued success. Tenants are not our enemies, but our customers. It is true that we cannot make every customer happy but it is worth trying first. When we rent property, we may own the building, but during the lease, it is where they lay their head at night. And it's okay if they are not satisfied even after you tried your best. There is always the Happy Clause! (Search the FB group if this term is new to you!)
You got this! You have a community of over 20k women cheering you on and here to support you! By reading our weekly Blog and being a valued member of our community, you are doing every thing you should to be the best Lady Landlord you can! Kudos to you! Knowledge and Experience will continue to allow you to feel more confident and have a strong voice in your Business. Join the Lady Landlords Tenant Management Certification Program here starting November 8th to gain more knowledge as a Landlord!
Apply these same concepts to other Decisions you need to make in life too!