New Landlord Tips

03 May New Landlord Tips

Being a landlord is a world of opposites. It can be easy or hard, you can make good money or you can lose it all in legal fees. No matter how you do it, whether you self-manage or outsource it, doing it right can save you money, legal fees and headaches. Here are a few things to do in every case.

HOW TO BE A GOOD LANDLORD:

1. Treat it as a business – No matter what: Keep your personal and business life separate. Business bank accounts instead of personal, track receipts, trim expenses, and have proper insurance and policies to protect yourself.
2. Have Systems in Place: Make sure you have systems built for recurring items. This makes response to issues with tenants or properties easier.
3. Know the Law: Make sure you’re using the right leases and documentation within the requirements from your state. Use the right type of bank account as well. For the right laws, find your state’s website.
4. Take Care of Tenants: Understanding that your tenants are human and will go through hard times or experience difficulties. Make sure you assure them that you are accessible during these times. If someone is late on rent once, putting an eviction or collection notice may be over-the-top. Especially if they are communicating with you throughout the process. Think about trying to set up a payment plan, or deferring rent to help the tenant through difficult times. If you build trust with your tenants, working through hard times will be easier for both parties. Give good tenants the benefit of the doubt.
5. Follow the Lease: Stick to your word, and stick to the lease between you and the tenant. Breaking your lease even once shows the tenant that you do not respect the lease and gives them the idea that they are able to bend the rules and guidelines. Following the lease will show the tenant that you are serious and that there is no room for maneuvering within the lines of the lease.
6. Relationship with Vendors: Finally, build and maintain a good relationships with your vendors. Pay them on time, pay them the whole amount, and treat them with respect. This does not mean to not hold them accountable, but make sure you keep the working relationship amicable. If they complete work, pay them, but hold them to a standard.

These are just a few basic things that good landlords do. This by no means is a complete list of actions for a good landlord, and things are always changing. Always be flexible, but stick to your policies. If you do the job well, it can be very lucrative for you. If you always strive to be the best landlord, you will attract and keep good tenants!

Mitch Sellers

Assistant Property Manager at Integrity Realty & Management, Inc.

Mitch Sellers is a former Assistant Property Manager with Integrity Realty & Management where he conducted a significant amount of the field operations associated with managing a large portfolio of rental assets. Mitch graduated from Rowan College at Burlington County, in New Jersey, in 2019 with a degree in Business Administration.