Top 10 Landlord Tips and Tricks for 2013
Landlord Tips and Tricks for 2013
Landlord Tip #1
Your going to want to plan ahead for a rainy day when you have unexpected expenses that arise. Take the time to obtain a line of credit when cash flow is strong.
Landlord Tip #2
Always make sure to complete your due diligence when performing screening on each of your prospective tenants. Be sure to do a detailed assessment of their employment, references, and credit score.
Landlord Tip #3
As new problems come up, take a moment to relax and view it as a learning opportunity. This will allow you to document and build a process for handling the new problem with future properties.
Landlord Tip #4
Even if you only have one rental, then you need to run it like a serious business. Keep everything organized and have systems in place to make sure everything is running well.
Landlord Tip #5
Take a moment to layout future expectations of the prospective tenant before approving the lease. This will create a foundation for a good long-term relationship that will have few surprises.
Landlord Tip #6
Create a reference binder with everything the tenant needs to know about the property. This will make it easy on the new tenants and save you from having to take multiple phone calls from a confused tenant.
Landlord Tip #7
Do not fail to invest in making the rental property secure. This means that you need to rekey the door locks and create excellent night lighting.
Landlord Tip #8
Make sure your forms are up-to-date with the current information, and customize your forms to your business.
Landlord Tip #9
You should always know your local eviction laws and guidelines before you have to enforce them.
Landlord Tip #10
Focus your efforts on constant and never ending improvement in regards to learning more about property management.
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