Imagine a property owner who bought her first rental home as an investment. Exciting! Ready to take on the role of a landlord, she pictured smooth sailing, flush with passive income and happy tenants.
But within months, things spiraled out of control.
A leaking pipe went unaddressed for weeks because she was overwhelmed by her full-time job. Her tenant’s frustration escalated, leading to a strained relationship and late rent payments.
Through it all, the property owner realized that being a landlord wasn’t just about owning property—it required attention to detail, communication, and proactive management. A good landlord creates a safe, well-maintained, and welcoming environment for tenants while also managing the property as a long-term investment.
To succeed in this multifaceted role, landlords must embody a mix of skills, qualities, and habits. And if they don’t personally have those characteristics themselves, partnering with a solid property management team is a valuable option.
What qualities are essential to success in property management? The list includes:
1. Knowledgeable & Prepared
A good landlord understands local laws and regulations, ensuring compliance to avoid costly mistakes. From inspections and certificates of occupancy to tenant rights and rental agreements, staying informed is essential.
For example, landlords in Michigan need to navigate unique rules like rental registration requirements, which vary by municipality, while Ohio landlords must follow state-specific eviction processes that are significantly different from Michigan eviction processes.
“Equipping yourself with knowledge of landlord-tenant laws from the outset will help you avoid complexity and headaches in the future,” notes the team at Epic Property Management.
Another important facet of the property management lifecycle demands creating comprehensive lease agreements that clearly outline responsibilities for maintenance, utilities, security deposits, and more. This clarity fosters better landlord-tenant relationships and helps prevent misunderstandings down the road.
2. Proactive with Problem-Solving
Maintenance and repairs are inevitable, but great landlords don’t wait for issues to escalate. Building a reliable network of contractors – plumbers, electricians, and general repair professionals – is crucial to ensuring timely responses to property issues. For larger portfolios, having a dedicated maintenance team can save significant time and effort.
Again, working with a professional management company can go a long way toward minimizing the impact of maintenance issues, as the management company will have the scale to support a great in-house team of maintenance techs, a robust and reliable vendor network, and a staff of project managers and maintenance supervisors to assist on the most complex maintenance needs.
Another area of significant complexity is the legal and eviction process, especially post pandemic. While no one hopes to encounter this situation, understanding the eviction process will enable you to act confidently and compliantly if necessary.
“No new landlord wants to think about evictions, but burying your head in the sand won’t help. Our advice to landlords is that preparation is key to navigating potential challenges confidently,” says Haley Kasprzyk at Epic.
3. Detail-Oriented & Organized
Effective landlords maintain accurate records of inspections, repairs, tenant communications, and payments. This attention to detail not only helps resolve disputes but also ensures smooth operations across the board.
Tenant screening is another area where detail matters. A thorough screening process involves more than a credit check—verifying addresses, phone numbers, and employment history ensures you select tenants who are reliable and trustworthy. At Epic, we go several steps further in this very important aspect of property management—cross checking and independently verifying multiple areas of the application as part of our standard screening process.
4. Financially Savvy
Tracking income and expenses is vital for maximizing return on investment (ROI). A modern landlord understands the value of technology in streamlining rent collection, expense tracking, and financial reporting. Online payment systems, for instance, offer convenience for both landlords and tenants, while ensuring timely payments and automating recording.
In the financial bucket, one of the largest changes to real estate investment over the past 2 years has been insurance. Required by lenders and necessary to protect against property damage, liability, and loss of rental income, insurance is a significant consideration for property owners.
Getting access to industry trends and an ever-changing list of carriers specific to your type of investment can be a huge help. Whether you achieve that through staying up to date with industry groups, or the advice of a knowledgeable property manager, investing in proper coverage provides peace of mind and safeguards your investment.
5. Empathetic & Fair
A good landlord balances the needs of tenants with the responsibilities of property ownership. They provide habitable living conditions, address repair needs promptly, and maintain open communication to build trust.
Fairness is also critical when it comes to handling sensitive issues like late payments or lease violations. A communicative yet firm approach can help resolve conflicts while maintaining professionalism.
At Epic, we strive to provide the nicest property in the market, at a fair market rent, with the most professional management. Being successful at all three of these aspects results in significantly reduced turnover rates, drastically improving the bottom line for our owners, while keeping tenants happy.
6. Skilled in Marketing & Presentation
Empty units mean lost income, so marketing plays a pivotal role in a landlord’s success. From highlighting unique property features to understanding what appeals to the local tenant market, a good landlord knows how to position their rental property effectively.
For instance, showcasing amenities like off-street parking or modern appliances can make a property stand out. Using multiple marketing channels ensures maximum exposure and faster lease-ups.
Something that has been a big improvement for our team is the use of a professional photographer. Rather than buying cameras, training staff, and editing images ourselves, we negotiated an agreement with a local photographer and saw quality improve drastically. This shortened lease-up times and streamlined our listing process, resulting in increased income for our owners.
7. Resilient & Adaptable
Property management comes with its fair share of surprises, from unexpected repairs to challenging tenants. Great landlords stay calm under pressure, adapt to changing circumstances, and seek solutions that benefit both parties.
We recommend developing and documenting procedures as a guideline for common situations and a starting point for unique scenarios. The more systematic your everyday processes are, the easier it becomes to handle the challenging situations.
Building Success as a Landlord
Being a good landlord requires more than just owning property—it takes preparation, attention to detail, and a commitment to creating positive tenant experiences, time and time again. Whether you’re managing your first rental or an extensive portfolio, focusing on these qualities will help you navigate challenges and succeed in the real estate market.
If self-managing feels overwhelming, consider partnering with a professional property management company.
“Many of our clients believe that we actually save them money by capitalizing on our efficiencies of scale in maintenance, repairs, and management,” explains Josh Sterling at Epic Property Management.
Ready to take the next step? Explore resources like new landlord checklists or connect with us to help you thrive in your real estate journey.