Being a landlord isn’t always about hardcore finance, making good margins and serious sales. A lot of it requires much softer skills that can make you a far stronger property entrepreneur, eventhough they might not always directly hit your bottom line. One of these skills is the ability to take on feedback and to use as much of the information you have around you to make your business better.
Listening to your tenants isn’t always easy and their views are, sometimes, somewhere between irritating and just plain wrong. However, your tenants are your customer, they are the only ones that get to consume your product and, really, they’re the only ones who know how to tangibly make it better. A communicative relationship with your tenants will be a massive benefit to you, and you should always ask tenants for feedback when they leave. They may be painfully honest but it could really help.
Listening to other landlords’ views on property is really important, and it’s especially useful at a local level. If you can attend landlord meetings or join up to associations then so much the better, but use these places as a forum to test out ideas. The feedback you get is a really important gauge of what’s good and what’s not.
Though it might feel like the relationship is one way, local authorities, landlord insurance providers and agents can all offer valuable insights into what you’re doing as a landlord. Talking or writing to authorities about issues you have and asking agents advice is not necessarily by the book, but it’s perfectly possible and can put you in very good stead for the future.
Being a landlord is not all about doing, a lot of the time it’s about listening. Make sure you’re using all the feedback outlets you can and use the advice you’re given to help you improve your day to day running of your business.