8 Tips to Be a Successful Landlord

By E-Renter Tenant Screening
Posted on August 10, 2011 under Landlord Tips | Be the First to Comment

When you become a landlord, it’s not easy to figure out the best way to approach every problem. You’re bound to make mistakes (otherwise known as “learning opportunities”). Following these 8 tried-and-true tips from other successful rental property owners can make it easier for you to avoid making common errors.

1. Remember you’re in the people business. Providing good service to your tenants is part of your job. If you’re shy, or don’t deal well with a wide variety of personalities, you may not find success as a landlord.
2. One way to provide good service is to respect your tenants’ privacy. Always provide notice before you enter their units. The minimum is at least 24 hours; more may be required by your local or state laws.
3. Don’t ever allow a tenant to move in until the rental agreement is signed and the first month’s rent and security deposit are paid.
4. Don’t allow a tenant to move in until a background check, credit check and reference checks are completed.
5. Keep up with maintenance and repairs, or they can get out of hand—and even become a hazard. If not repaired promptly, a loose board on a stairwell can lead to injury or even a tragic situation.
6. When tenant disputes come up—as they invariable will—try to resolve them through good communication first. If an agreement cannot be reached, you might try mediation. Mediators are neutral third parties who make sure both sides’ issues are heard, and assist you in reaching an agreement both sides can live with.
7. It’s important to put your tenants’ health and welfare first. Disclose hazards, such as lead paint, according to the law. Take care of water leaks, which can lead to mold. Address any insect or rodent problems immediately. And always make sure that door and window locks are easy to operate, fire escapes are accessible and smoke and CO2 detectors are in place and operating.
8. Keep good records. Every piece of correspondence with a tenant is valuable. You never know when you’ll need proof of a payment, a notice or a conversation.