How To Create Solid Foundations As A Landlord Queen
I don’t believe in doing things half assed. You’re either all in, or it’s not worth doing at all. i.e. if you’re going to become a landlord queen and provide a home, whilst earning money from it, you have a responsibility to do it the right way. (Just saying).
But, if you’re anything like me, you also love living life and want one that isn’t all hustle and grind, but more ease and flow?
Who says you can’t love (and live) life, your career and be a wildly successful landlord queen all at the same time?! Not me! Because I honestly believe you can navigate this journey (and have fun with it) thrive in your nine to five AND enjoy life….otherwise, what’s the point?!
AIM: To invest in your financial wellbeing, make an income and a positive difference as well as transform lives, yours and those that live in the safe, beautiful home you provide without impeding your life in a negative way or consuming your time and energy.
My thoughts…
Property is powerful. Property is quite truly transformational, if it’s done well. It’s also my passion. And I believe that if we have the privilege to invest in property for our financial independence, security and freedom (something I’m also extremely passionate about), we also have the amazing ability, (and a duty) to change lives in a positive and impactful way as we go.
Girl, it gives us purpose too.
To collectively raise the standard of rental properties, something that’s so desperately needed, it needs wonderful, kind hearted women, just like you and I, with the resources ready to go, who are prepared to be the changemakers and invest with good intention.
It should be rewarding, fun and exciting. It’s part of your life story after all.
I live my life on purpose. I choose happiness, I do the things that spark joy and excitement. I believe that life is too short not to live it any other way. My life has been an uphill battle for too many years (despite the impression the highlight reel of my life has given) and so I make daily conscious decisions to choose the path of least resistance wherever possible moving forward.
It does not mean that I’m afraid of hard work. I’m so not (I’m a Capricorn after all), but I do look at the bigger picture and figure out what will make my life and those I have the opportunity to impact, easier, happier and higher vibe. Often it means slogging away in the short term to lay the basic foundations to free up time, headspace and money, but it’s worth it for the long term.
I believe investing in property is no exception to my live a high vibe life rule. You should, as with every aspect of life, feel excited - it should spark joy. Yes, I am about the feels, because if life is monotonous, dull and perpetually routine, where’s the excitement and fulfilment in that? The journey you’re on should be fun, enjoyable and rewarding. So, creating solid foundations is key to being wonderfully successful as a Landlord Queen and being able to enjoy it.
How do we create those solid foundations?
To be a bad assy, successful Landlord Queen, we have to build foundations in three areas;
You
The Property, and;
The Relationship between you and your Tenants.
You
Setting Your Intention
Ok, so this is where I believe we should always begin - SETTING AN INTENTION and it should apply to every aspect of our life. Every goal, event, moment.
In my opinion, setting an intention at the outset is a key element to your incredible success. It gives you wilful direction. It keeps you grounded and present in the moment. How you set the intention at the beginning of this journey will determine how it unfolds. It sets the tone, the landscape for your entire journey and keeps you aligned with your values through each stage, decision and every step of the way, including the Investment/Landlord journey. You get to show up and respond exactly as you choose, for yourself and in this case, for your tenants.
Let me ask you this…
How often, when you have a new idea/project/goal, do you just go running, full steam ahead with a great big list of things you need to do, all the things that need to happen, without ever thinking about what we really want from the outcome? Yep, I’ve done this more times than I care to remember.
It becomes a blur, sometimes a chore, and often when you reach the other side, the goal/idea/project achieved, you still feel underwhelmed, frustrated and dissatisfied because you’re not feeling the feels you thought you would.
Instead, at the beginning of your epic buy to let journey (and any journey) you’re embarking upon, slow down and set an intention. Ask yourself what you want from this. Begin with the end in mind. Rather than thinking about what you want to achieve, or what needs ticking off the humungous ‘to do’ list to get there, think about this….
What do you want from this?
What is important to you?
How do you want to feel?
How do you want to show up?
For me personally, I want to show up as a conscientious and best Landlord Queen I can be, to make decisions that are in alignment with this, to feel proud of the home I’m creating for my tenants and to feel connected to the process, build a human to human relationship with my tenants and really enjoy and have fun with it. It’s a part of my life after all and you know me, I’m all about doing the things that spark joy and excitement.
It’s not always going to be smooth sailing, easy peasy. Life loves to throw us curve balls every now and then to challenge and test us, but the intentions set serve to remind us that there is a bigger picture and of our core values as human beings and as Landlords.
Positive Customer Focused Service Mindset
If you approach this journey with the wrong/negative mindset at the beginning, I guarantee you’ll spend A LOT more time, energy and headspace dealing with your rental property and your tenants. Set a positive intention, together with a customer focused/service mindset, offering an experience and you’re going to find the whole journey a whole lot easier and ways more fun and rewarding.
It was drilled into me very early on in my corporate days that a landlord/tenant relationship is one of business, which seemingly required adopting a them v. us attitude, but it just never sat right with me. Once I’d taken that leap of faith and set up my own property management company, I quickly realised that working with my tenants (not against) benefited everyone involved and took far less work. And it evolved from there into what I believe today.
Here’s the thing….
A Landlord is not a Landlord without tenants living in their property. Equally, Tenants need a Landlord for a place to call home. In order to be successful and thrive, you each need one another. It’s also wise to remember that the rent they pay, pays your mortgage and contributes to your future financial wellbeing. Without them, you have an asset yes, but it costs you money.
Respect is two way. You as the Landlord Queen respecting the fact that although this is your property, it is their home. And equally, respect from your Tenants because you are providing a safe, secure and soulful place for them to call home. It takes work.
And so this is why you create a customer focused experience, as you would in any successful business, which is mutually beneficial and far more enjoyable for all involved. Trust me, it makes everything so much easier.
The Property
I want the property alone to spark joy for you and for anyone that walks through the front door. Yes, even the property. I want you to be so damn proud of it that you can’t wait to show it off. A place that shouts safety, security, a home for its future couple/family/individual.
What do I mean?
Sub-standard homes with an “it’ll do” attitude are NOT allowed and should never have been a thing. You should ensure the property is ready to rent out, and by this I mean, it’s fundamentally sound, safe and secure.
When you’re finished, ask yourself if you’d live in the property? If the answer is no, don’t expect anyone else to. You have to keep going until you’ve got a property you’re delighted with. And I’m not talking flashy, expensive fittings, but rather a healthy, decent home that will promote happiness and wellbeing.
The more “finished” it is, the less (repair or maintenance) issues will arise, which means fewer phone calls, more money saved in the long run and happier tenants. And happier, well looked after tenants will in return look after your property.
In my experience, unless circumstances dictate, well looked after Tenants will often stay long term. Bonus! This is beneficial to your bottom line - fewer void periods and marketing costs, plus time (the most precious commodity) finding new tenants to replace the old ones. A better Return on Investment. What’s not to like?!
Girl, put the time in at the front end to give yourself peace and quiet post move in, so you can focus on your career, whilst the income rolls in. And it’s ways easier to do the work when the property is empty.
BUILDING A SOLID RELATIONSHIP
Don’t Rush
My first rule is this….Don’t rush the process of finding your dream tenants. Often, and I’ve been there, there’s this desire to find your tenant ASAP. The sooner they move in, the sooner the rent starts to roll in and the bills get paid. But being a successful Landlord Queen is reliant upon having decent tenants whom you can build a solid relationship with, so trust the divine feminine in you (your intuition, your super power) and take your time.
Believe me, waiting another couple of weeks for your ideal dreamy tenant to walk through the door is far better than rushing your decision and ending up with a situation that just doesn’t work for all involved.
Start Building Your Relationship From Day One
And when I say day one, I mean from even before the first point of contact. We’re going to rewind it all the way back to the marketing. It is this point at which you are making an amazing first impression.
Just as setting the intention dictates how the process will unfold, building your relationship from this point (not when they’ve moved in) will create those solid foundations. It’s all part of the customer service, right?! A shop doesn’t turn on the charm after you’ve decided to purchase the car/watch/perfume. No, it’s because of the exemplary service that the purchase is most often being made. It starts with the marketing.
Building your relationship is all part of the exemplary customer service you offer. This is the first phone call, the first viewing to the move in process and beyond, the way in which you communicate (understanding HOW your tenants want to communicate – phone/email/text) in a responsive way.
Building a solid, respectful and harmonious relationship creates better understanding between you and your tenants and is especially beneficial when issues do arise.
Setting Expectations
Building your relationship is also about setting expectations from the start (legally in the form of tenancy agreements and inventories), creating boundaries (what is deemed an emergency, understanding what your duties are as a Landlord and equally what your tenants obligations are throughout the tenancy and so on) and respecting the fact that although you own the property, it is their home, a place in which they make memories.
Be hot on your response times
Not being called back, or having your complaint/request ignored is so freakin’ annoying isn’t it? Ensure your response times to any maintenance/repair issues are dealt with promptly. It keeps your tenants happy, and gets the issue off your ‘to do’ list whilst maintaining your investment.
And communicate ALWAYS - the good, definitely the bad and always the ugly. There’s nothing worse than being kept in the dark. It creates feelings of being unimportant and that’s a slippery slope to find yourself on.
Your tenants are human beings just like you and I
This goes back to the Corporate days when it was (and quite often still is) the them versus us mentality, which I’ve always called BS on. It’s not. They’re no different just because they’re renting for whatever reason….they’re people with hopes, dreams, aspirations, with their own stories to tell. They’re just paying your mortgage and looking after your investment. Building a human to human connection is crucial to your success.
As my seven year old daughter reminded me the other day, doing the right thing is never wrong. So, creating solid foundations and doing the right thing with integrity, respect and empathy and will promote a healthy, harmonious relationships, which will allow you to be a wildly successful Landlord Queen and enjoy it too.
Let me remind you, you’ve absolutely got this. Slow down, set your intention, go at your own pace (it’s never a race), ease into it, elevate, grow as you go, flourish BUT take action and know you’re so supported.
