Common Sense Ideas that Work for Landlords
Learning from others’ experiences and mistakes is smart. Online research is one way to discover an encyclopedia of rental business knowledge that landlords and property mangers are happily sharing with the rest of the world. Observing and asking questions of landlords you know is another. Don’t be afraid to ask questions—most experienced property investors are happy to help.
Here are a few ideas the make a great deal of sense, are easy to implement, and really work:
- Go over the rental agreement line by line with every new tenant. Don’t just assume your tenant will read and understand the entire agreement. Do yourself and your new tenant a big favor and review the lease together. Then have the tenant initial each page, indicating they understand and agree to the terms.
- Be patient and picky. It might be difficult to wait for the right type of tenant for your property—especially now when the rental market is difficult. But experienced landlords will tell you that good tenants are worth the wait. Keep advertising your properties to target the tenants that will be a good fit (without discriminating against anyone) and screen tenants carefully. The landlord/tenant relationship works best when both sides are satisfied with the contract they’ve entered into.
- Work consistently to develop your “brand,” or reputation. If you own properties that people want to live in and you treat tenants fairly, you will build a good landlord reputation that will serve you well. Good people want to rent from good landlords. This doesn’t mean you must give tenants everything they want or try to be their friend. Quite the opposite is true: tenants respect landlords who impose limits and rules and expect tenants to follow them, and who impose consequences when they don’t.
What are your best easy-to-follow ideas that can benefit other landlords?