Tools In the Toolbox: Successful Landlords Use These Tools Daily

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What does success mean to you?
The definition of success means completing a goal that you set out to achieve.
In the real estate business, success is mostly associated with making a profit and when you are starting out, it’s hard to get past the potential financial rewards.  I will encourage you to find a bigger “Why” that will drive you to keep working at your business and help you avoid burnout. So what are some goals real estate investors have that are not about money?  Consider that one of your goals could be providing the best service possible or taking a rundown property and making it like brand new, or seeing a family make it their own. It all depends on what’s the most important thing to YOU. I’m not saying don’t worry about money at all but small business owners that have gone before you have proven; if you make sure to deliver a high-quality product for your customers, money is bound to follow.

No matter what your goals are, you are going to need to pick up some tools to get the job done. But before you run to the hardware store, let’s talk about a few of my favorite tools that I pull out of my figurative toolbox almost daily.

Measure Everything

Goal setting is about writing out the small, achievable steps and checking them off of your list one at a time. Be sure that you measure your progress towards the goal and make each step measurable. Put deadlines on your calendar and check in with your goals from time to time to make sure you are on your way or if you need to get back on track.

Paint Over it

Another important tool in your figurative toolbox is the paintbrush. It can sometimes be hard to acknowledge your own mistakes, but it’s an important thing to face if you want to grow your business. Learn to see what’s wrong, learn from it, then take your paint brush and paint over and start anew.
Don’t be too hard on yourself, use your mistakes as your canvas and paint over it for a fresh new start. Many get stuck correcting a mistake, which can end up becoming a financial sinkhole. Save yourself the time and money by just starting over. This is an important lesson a business owner, no matter what industry they work in, need to learn and adapt to achieve long-term growth.

Grab the Pliers

As landlords, it’s tough to extract information from your potential tenants. But if you want to protect your property and improve the quality of your tenants you’re going to have to listen twice as much as you talk, especially during the screening process. The best tool to pry out this information is silence. You need to make a habit of asking questions and then silently wait for an answer. People, in general, feel the need to fill the silence and they will almost always tell you exactly what you need to know if you ask questions like,  “What does your credit look like?” ,  “Why are you moving?”,  “Tell me about your current landlord?”  By extracting valuable information you will be on your way to making smart decisions.
These are just a few of the tools you will need but it’s not about what tools you have; it’s all about how you use them. Successful landlords add to their toolbox regularly by networking with other investors, taking classes and seminars and refining their strategies. Keep learning and growing in your business so you have the right tool to pull out for any situation. Use your knowledge and ability (your tools) in a way that it helps you achieve whatever goals you have set for yourself..that’s success in my book.

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