Upping Our Game

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As I start to wrap up my second and last year as President of the Board of AACSC, I have been doing a lot of reflecting on my term—what went well, what didn’t and what direction I’d like to see both the organization and our businesses as landlords move toward.

Our future depends on a couple of simple ideas really. We need to keep upping our game by becoming more professional as landlords. We need to unite as never before, to counter the organizations that are trying to use our tenants against us to promote their rental business-killing agendas.

We’ll have better, more successful rental property businesses if we run them like pros. Professional property managers do a great job and whether or not you use one to manage your properties, you need to be just as smart. Don’t use exclusionary language in your advertising. Don’t ignore your before and after property condition check lists. Don’t rent to anyone without doing your due diligence. Do send your last tenant their remaining security deposit with full accounting within the required time frame. Do document all communication with your tenants. Do take the time to educate yourself on a regular basis so that you stay up with any new regulatory changes.

I see the day coming when we’ll all be required to take continuing education classes as a condition of accepting rental payments for our properties. Don’t look at this as a negative. It will be a big positive for you if it keeps you from making a costly mistake due to ignorance.

Our need to unite as landlords is expanding now to include builders and Realtors because the tenant exploiter groups are trying to damage their business just like they are trying to do with ours.

We work in a wonderful industry. It’s hard work, but over time, we’ll do very well owning property. You can meet, and make friends with a lot of interesting people, from other landlords, property managers, service providers and yes, your tenants. Finally, if you do it right you’ll have something of great value to pass on to your children. Let’s make sure we do it right.

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