Very few absentee slumlords started out in life as absentee slumlords.<\/p>\n
Deteriorating property values lead to deteriorating returns \u2013 and no one really comes out on top.<\/p>\n
But being a landlord is not exactly an easy ride either, even in the best of times. Let\u2019s take a look at nine easy ways you can get involved in your community, and reap the rewards of doing so. You really don\u2019t need to run for city council to beef up your properties\u2019 values and to keep your tenants in place.<\/p>\n
These are Five Ways to Start Being a Neighborhood Advocate and not just another landlord.<\/b><\/p>\n
1) Be a Property Manager \u2013 Not an Owner! \u00a0<\/b><\/p>\n
\u201cLandlord\u201d is just four letters away from \u201cslumlord.\u201d So why tempt the comparison?\u00a0 Even if you\u2019re renting out mostly higher-end properties, call yourself for what you\u2019re doing, not for what you are. And present yourself that way too. You\u2019re here reading this so let\u2019s assume you\u2019re already interested in the field. Rather than just owning, start managing. Owners may think of themselves as lords, but few of them will profit from doing so.<\/p>\n
2) Manage Your Neighborhood<\/b><\/p>\n
That doesn\u2019t mean you go out and start bossing the neighbors around, though that would be funny. On the contrary, imagine buying that property and moving in. No matter where it is, you\u2019re going to be involved. Rather than ruling \u201cin absentia\u201d, you need to manage your property\u2019s relationship to a broader community. The more properties you\u2019re managing, the more involved you need to be.<\/p>\n
3. Know thine Neighbor<\/i><\/b><\/p>\n
It doesn\u2019t mean knocking on their doors. It doesn\u2019t mean getting involved in their lives. Say hello. Perhaps when the place is new, leave a business card. Ask questions when you are in the neighborhood and introduce yourself as the property manager. There is no end to benefits you can receive from knowing people and from letting them know you. And to the greatest extent possible, manage your properties\u2019 online presence to be involved with the community. Promote neighboring businesses and organizations and do some word-of-mouth work on their behalf.<\/p>\n
4. Study Neighborhood Associations<\/b><\/p>\n
Co-op boards, ownership groups, crime watch and community redevelopment organizations are all valuable sources of information. They come from people<\/a> looking for exactly the same things you want: better tenants, better rents and better resale values. Those things come from better families, safer streets and more community \u2013 not from paranoid cynicism.<\/p>\n 5. Organize Events, Regularly <\/b><\/p>\n That can mean block parties, wine tastings or coffee breaks with Danishes. You know who\u2019s living there and what they prefer. Regularly means once or twice a year and probably not more. But suddenly you really are managing. If you own one to five properties, you might be merely attending events. But with more than five properties, you need to be deeply involved in organizing them and promoting them. It\u2019s only going to help, and being a manager, you\u2019ve always got a good reason to show up.<\/p>\n