I got a call Friday afternoon from my own property manager. It seems the crack in the kitchen window had finally gotten to the point of needing to be replaced. If I hadn’t been thinking months ago about the house becoming a rental property, I would have fixed it already. The up side of being a landlord is that alot of projects that were a normal expense when you were living in the house magically become a business expense (and therefore deductible) when you have a tenant.
You didn’t really need to know that little bit of administrative minutia except it was my way of saying that there’s a right way and a wrong way to be a landlord/property manager. The right way is to adress issues as they come up and do it as expeditiously as possible. It helps build the tenant-owner relationship and maybe buys you some good will when the lease is up and they have to decide between renewing and moving on. The wrong way would have been to make the tenant call half a dozen times, not show up when I said I would, or otherwise ignore the problems. Doing things that way tends to breed an attitude where the tenant doesn’t give a damn what happens to the property.
I guess there are two schools of thought when it comes to owning rental property. For some, it’s an income stream and nothing more. For others, it’s a long term investment that builds more value when it’s well maintained. Both ways of thinking are probably valid to some degree, but only one of them is right.