4 Tips To Being A Successful Landlord
Run It Like A Business.
Whether you have one property or dozens, the key to successfully managing your rentals is to implement systems that you use every single time. They give you a path to follow when things go wrong and provide the answers you need. It is your job to follow your systems and consistently enforce rules for your tenants so that you can effectively protect your financial security.
Aggressively Screen Your Prospective Tenants
I have found that most prospects and applicants talk a good talk and it can be difficult to tell if they are telling the truth. Don’t ever “take someone’s word” that they will pay. Don’t assume that they “all have bad credit” and skip that step. The only way to know if these people will be good tenants is to look at their past history. Their credit history and rental history will give you a much better picture of how they have lived their lives up until they met you. If they didn’t pay in the past, they are not going to pay in the future.
Treat Your Tenants Well
A tenant that is easy to deal with and who actually pays the rent in full and on time each and every month is someone we need to strive to keep. You want them to stay for years and think twice about leaving you. What do I mean by that? Treat your tenant’s fairly, fix maintenance issues promptly, and help them if they need it. It doesn’t take a lot to make them feel appreciated.
Know When You Need Help
There will be situations that occur and you may not know how to handle them. Don’t guess! Know where to find solid and legal solutions for your specific issue. It is always a good idea to have a relationship with local real estate attorney who will help you when you need it. Join a local real estate investor group in your area and ask questions. We all have questions and need help sometimes.