This is the final post of a three-part series regarding how to be a landlord in a lower-income or urban community.
In the first two posts, I used teeter totters to show how the Leading Landlord Principle connects with the Broken Windows Theory. To bring you up to speed, here’s my position: in troubled communities, landlords have a huge (typically unused) ability to use their influence to improve their “location” and raise their own property values.
I also promised to give you some practical steps.
Here are 6 basic tactics to help you deploy your influence so you can reduce disorder in a tough neighborhood.
Lead Within Your Own Property Lines by:
1. Enforcing house rules and basic rules of decency. This may be too obvious to include, but it is critical. Tiny infractions must be dealt with swiftly. Your residents need to know that clearly written rules are in effect. This will eventually makes your residents feel more comfortable.
2. Eliminating all illegal activities on your property. If you suspect a resident is involved in unscrupulous activities, then pay them to move out. Don’t worry if your short-term cash flow suffers, focus on patient equity. You can find details on how to do this im my E-Course. Click HERE for details.
3. Improving your curb appeal. Your complex must always be undergoing a make over. Incremental improvements are fine, but you have to maintain a forward momentum. It’s a strong subliminal signal that attracts good tenants and repels crime.
Lead Beyond Your Property Lines by:
Think of your rental property as being one store in a retail strip mall. Your customers have to walk past or through other people’s stores to get to you. Your business is interdependent with other owners.
The problem is, in troubled neighborhoods there are no effective mall managers coordinating the “store owners.” A leading landlord must do what a mall manager should by:
4. Communicating the news – Collect and organize names,phone numbers, and email addresses of landlords and residents. Start a Facebook page and use social media. Test out your communication network every time there’s relevant good news. Communication networks are strong crime deterrents. Re-tweet, forward and share every piece of good news that you can about your neighborhood.
5. Coordinating the “stores” – Work with other owners, especially landlords, to hold joint activities. It doesn’t matter if the event flops; it’s just a means to build relationships – the juice needed to solve problems.
6. Marketing the entire block – Pick up trash in front of other people’s “stores.” Help everyone realize the block is interdependent – their “storefront” affects yours. Cultivate a whole block mentality.
These basics will help you create an atmosphere that encourages a vibrant community. Be consistent, and after a couple of years you’ll find the neighborhood isn’t so tough anymore.
Would You Like to Know More
These six steps will get you to the finish line however if you want to progress faster and face less resistance, you should consider my online course. Check out the E-Course How to Build Wealth with Inner City Rentals and prepare yourself for a successful wealth building journey.