Many investors who become landlords may quickly find that the job is much more complicated and more difficult than they thought. Before jumping into the job of landlord, it is important to learn how to be a good landlord. Here are a few tips for being a successful landlord:
- Be Knowledgeable – It is important that you are well equipped to handle the problems that you typically face as a landlord. Books, classes, and even mentors are great ways to improve your landlording abilities. Review your city and state’s laws on renting and ensure that you are always in compliance.
- Stick to Your Policy – Create a thorough written policy and provide a copy to each tenant when they sign the lease. This will make your job a lot easier. Rather than arguing with your tenant when an issue arises, simply refer to the policy.
- Offer a Quality Product – If you want quality tenants, you will need to offer a quality product. By providing a better-than-average unit, you will attract and keep the right type of tenant.
- Get and Stay Organized – A major key to business success is getting and staying organized. Be sure to have all the proper forms organized and create written procedures for all common problems. Keeping your maintenance contacts organized will allow you to easily retrieve their information so you can call them quickly.
- Know When To Outsource – While some repairs are easy to make, most landlords are not very handy. Rather than attempting (and failing) to fix repair issues yourself, know when to call an expert to get the job done right.
- Charge Late Fees – While it may seem “mean,” always charge late fees when applicable. Just make sure that the charging of late fees is outlined in the policy and lease.
- Do Not Designate Yourself as “The Owner” – It is better to designate yourself as the “property manager” than the owner because you will always have someone to blame decisions on. For example, if a tenant wants to have a pet in the unit but you do not allow it, simply tell them the owner does not allow it. End of story. If you need to think on it, tell them that you must speak to the owner.
Following these simple tips will help you be a more successful landlord. The team at Checkpoint Screening is happy to offer services that can also help you be a successful landlord. When finding the right tenants, it is important to run a background check. Our wide range of background screening services allows you to legally discover the information you need, such as credit score and criminal background info, so you can make the best decision for your property.