7 Important Promises Landlords Can Make for 2010

By E-Renter Tenant Screening
Posted on December 18, 2009 under General | Be the First to Comment

Call them goals, call them promises–call them whatever you want! But jot these ideas down and refer to them often. Here are a few ways landlords and property managers can make 2010 a more successful year.

1. Don’t hesitate to start eviction proceedings when necessary. We’ve covered those situations before. It’s unpleasant and can be expensive, but in nearly every case, the behavior that necessitates eviction is not going to change.

2. Keep up with your local market to know whether you’re undercharging or overcharging rent. Do the former, and you’re losing money. With the latter, you’ll lose tenants.

3. Properly prescreen tenants—every tenant, every time. Nothing will do more to keep your business secure—and lead to more peace of mind for you. Don’t fall into the “desperate for a tenant” trap. Keep your standards high and you’ll have high-quality tenants.

4. Enforce the rules strictly. Don’t be afraid to let tenants know what you expect, and the consequences for breaking your rules. You’ll have fewer problems and headaches if you are clearly in charge in the landlord/tenant relationship.

5. Treat your income property business like a business. Keep excellent records, regular business hours, and a separate telephone line with voice mail. Avoid getting too personal with your tenants/clients.

6. Establish goals, make a plan and hold yourself accountable for reaching them. Whether it’s a higher cash flow, keeping expenses in line, or purchasing an additional income property, knowing what you’d like to achieve in your business is the first step in getting there.

7. Watch your cash closely. If necessary, establish an emergency fund that you do not touch. Be prepared for major repairs—you never know when you’ll need to replace a roof or fix a flooded basement.

What are your ideas for doing things differently in the new year?