BiggerPockets

Restoring The Wealth: 5 Steps For Inner City Landlords

Landlords are not that important in nice, owner-occupied neighborhoods. The residents are biggest community advocates. However, the flip side is true. In troubled neighborhoods with low owner-occupancy rates, landlords are extremely important.

The more down trodden a neighborhood becomes, the more influence landlords wield. It puts their leadership potential on steroids - and literally grants them the power to turn things around. These landlords never ask for this ability, but it's theirs by default.

So what should a landlord in a sketchy neighborhood do with their super lobbying powers? Use it to make money of course. After all, fortunes can be made when "bad" neighborhoods get better.

Sound like too much work? Well it isn't if you follow a path blazed by others. Those who have helped restore neighborhoods will tell you they could do it again - and do it faster. Plus, doing nothing to lift the burden on your property's value, when you have a bully pulpit, is just poor business.

So, specifically, how is this done? Neighborhood restoration is really a process of creating a sense of order by implementing crime watch and basic marketing practices. The process generally follows these steps that build on each other:

1. Pick up litter and reduce blight. It's critical to keep your property litter-free and fight blight well beyond your property lines. This simple act is a powerful "Broken Windows" maneuver that results in increased credibility, better communications, and a deep insight into what's really happening on the block. This has to be a sustained effort, so make it fun by getting the right tools and recruit helpers.

2. Work with other landlords and neighbors to reduce criminal activity. Do not try to coexist with drug dealers or unsavory activities. Get organized and get rid of them. Use tactics refined over 40-years of crime watch successes. A landlord should use their influence to first recruit other landlords and then reach out to residents. Strong crime watch groups get special attention from law enforcement and media organizations - necessary partners for successful restoration campaign.

3. Don't let them rest on their laurels. After crime has been reduced - as it always is once watch groups become active - be quick to keep the momentum going. Don't allow your group to get comfortable with good results when a great neighborhood is the goal. Keep on pushing and prodding them to work together. This maneuver crime-proof the neighborhood and prevents restoration efforts from stalling.

4. Help promote healthy norms. Contribute your time and/or cash to make sure your group celebrates National Night Out or annual block parties. Help establish or promote reoccurring events that encourage residents know, respect, and cooperate with each other. Once these traits take root, your neighborhood will be an unsung success.

5. Promote good news and lobby opinion makers. People need new information to form new opinions, so keep good news circulating. It will take time for the general public to give your neighborhood credit. However, you can dramatically reduce the lag time by not leaving perceptions to chance.

By following these steps, inner city landlords can turbo charge their restoration efforts and deliberately raise their own property values. When this wealth building strategy is so easy, why would anyone cope with crime for cash flow sake?

Comments

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  Sue Robertson — about 1 month ago

  Thanks for sharing your ideas. As an inner city landlord of many years, I was pleased to see some proactive suggestions.

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  Al Williamson — 21 days ago

  Thanks Sue. Best to you - the community you serve is counting on you