Tips For Landlords

New landlord? Are you a landlord as a business choice or are you an 'accidental landlord'?

Do you have any experience or training in property management?

If you are new to property management, here are a few basic 'landlord tips' that may save you a lot of time and money.

  • Write It - What is written and signed 'is' the agreement - not what you 'meant' to say. Be specific.
  • Know It - What you have written must be legal. Know the laws related to property management.
  • Repair It - You don't save money by not making repairs. Keep your property well maintained.
  • Contract It - Know and hire competent, proven contractors to do repairs on your property.
  • Secure It - If your tenants don't feel secure living in your property, they won't stay there long.
  • Screen It - Once you have an application, run a credit and criminal screening on the applicant(s).
  • Disclose It - Whatever must be legally disclosed should always be disclosed, rather than hidden.
  • Inspect It - With legal notice, inspect your property at least once every six months. Don't just drop in.
  • Insure It - Don't be frugal on liability and property insurance. Get expert advice on what you need.
  • Resolve It - Make every effort to settle conflicts with tenants outside of court.

 

These are some of the basics, but there is so much more to learn. Keep learning.