1. Think of your property as an investment.
Are you a property owner or an investor? Do you know the difference? As a landlord, you should be thinking of what you want from your property long term, and start working with a company that can help you achieve those goals. Select a property manager that can keep your tenants happy and reduce turnover rates, and have a relationship with a broker who can think ahead of the market and advise you on what you should look for.
2. Keep your tenants happy.
As a landlord, you need to find a balance between bending over backwards for your tenants, but keeping them happy and connected to the property. You wouldn’t want to give away a year’s worth of free rent, for example, but creating a community where tenants feel supported and connected can result in tenants who are more likely to stay long term and reduce your need to keep investing in the property to fill vacancies.
3. Position the property to meet the market.
What are your goals for the property in the future and why. Setting a vision for your property is important, but lean on your relationship with your broker to know what is achievable for the market and what fits in the location. Your broker keeps up with market trends and can help you with a plan to transition your property effectively or lean into what you are looking for, so that you fill space with quality tenants.
4. Build a brand.
Every property has an identity. Establishing what it is known for and how it fits within the market is important for fulfilling your goals. If you fill vacancies just to fill vacancies, you may end up with tenants that take your property’s brand in multiple directions. Work with your broker to establish goals for the property and trust your broker to fill your vision.
5. Establish a good relationship with your broker.
Ultimately, you should be leaning into your relationship with your broker. Beyond filling and finding space for you, your broker should be helping you to position yourself in the market, marketing your property and building a brand for you that helps you to be a true investor and not just a property owner. It is important to find a broker that thinks forward and is on track to help you with your vision, pushing your property forward and protecting your assets for you.