Halifax Landlord Advises ‘Don’t Be A Jerk’ In New Book
HALIFAX — For some, real estate is attractive because of the dollar signs. Especially in today’s market, the right piece of land or a rental property is easy profit. But author Michael Currie is releasing a book this month to bring your millionaire fantasies to a halt. As someone who has spent 20 years investing in various properties, Currie is telling it the way he sees it.
“People are offering to sell you courses or get-rich-quick schemes. My writing is more about what it’s like to be in the property investment space,” says Currie. “Everything doesn’t have to lead into a get-rich-quick scheme. It can really enhance somebody’s lifestyle.”
On top of explaining the work that goes into being a landlord, Currie’s new book, Landlord by Design 2, reminds investors that they are a business that serves customers.
“It’s a customer-service business and a customer experience business. Like any customer experience, it comes down to communication and also treating people well, and treating it like a business,” he says.
“A lot of landlords focus too much on the money side. They just think about themselves and their money and they forget that they’re running a business where you have to be in customer relations.”
Landlord by Design goes through a lot of the important technical details of being a landlord; like mortgages, insurance, and a variety of investments. But focusing in on the “people” aspect of the job, one of his earliest chapters is titled “Don’t be a Jerk.”
In it, Currie recounts instances where landlords may have been too harsh on tenants.
“Some landlords have forced tenants to stay in units they can’t afford after a breakup or job loss, and they become angry when a tenant moves out without notification,” he writes in Chapter 2. “I’ve also had landlords set unrealistic expectations for tenants when it comes to move-out cleanliness or timelines.”
Currie has enough experience to write knowledgeably about property investment. In the early 2000’s he began his career by flipping houses. He now owns 17 housing units that he rents out to tenants.
In 2014 he began blogging about his experiences, which led to his first book, Landlord by Design, in 2016.
One thing he has learned over the years is the importance of retaining trustworthy, long-term tenants. That is why, despite the low vacancy rates right now, Currie recommends renting slightly below market value and nabbing the best tenants, rather than ones who may not stay long.
“I have some phenomenal long-term tenants. If they move out, I have to renovate… It costs a lot of money to have somebody move out,” notes Currie. “You want to retain tenants, so you don’t want to be overcharging — it’s not good business.”
“You’d be better off renting a unit a little under market value and get a high-quality, well-screened, tenant for your place.”
Currie also urges people not to invest in property unless they will enjoy the duties that come with it. If you are just doing it for money, you will be sorely disappointed.
“I tell the truth on what it’s all about. There’s misconceptions out there that you can buy a rental property and you’re instantly going to become rich. That’s not the case…”
“In reality, a lot of small landlords don’t make very much money. They’re small investments and they’re like small businesses. I really feel a lot of people don’t realize that when they get into it, and that’s how they get into trouble.”
Landlord by Design 2 is available on September 14. But those who can’t wait to read Currie’s advice can buy the Kindle edition for $0.99.
Derek Montague is a Huddle reporter in Halifax. Send him your feedback and story ideas: [email protected].