10.22.07
Tips on Being a Successful Landlord
One key to being a successful landlord is taking the time to pick the best tenants and keeping the rental property maintained. If you do not have the time to keep up a property on your own, or if you own several rental properties, you can quickly become overwhelmed.
The tips provided below are the most common ways to ensure your success as a landlord.
1. Always check references. Recurrent problem renters are usually quite accomplished at giving a good impression and can fool even the most jaded landlords. Always ask for references and take the time to follow up on them.
2. Get it in writing. In order to protect your interests and the interests of your tenants, get everything in writing. This means everything from a rental application to a code of conduct. If a tenant needs to have something fixed in their dwelling, ask them to provide the request in writing in addition to telling you on the phone or in person. This will help you with you income tax deductions and create a history for each tenant.
3. Provide a clean and secure residence. Keep the grounds of the property clean and free of debris. This will help you with property liability and keep your rental property looking its best. Depending on the location of the rental property, you may want to provide extra security measures. This can help keep your tenants safe and secure, and may even lower your insurance premiums.