The Perfect Ten Tips That Will Turn You Into A Successful Landlord

The key to being a highly successful landlord is not to rush things, but to take your time over picking a perfect tenant for your rental property, including keeping it well maintained. As long as you follow the tips given below, you can ensure a successful career as a landlord.

1. Tenant Screening / Reference Checks. Renters with a history of non-payment of rent, evictions, leaving rental property damaged or with a criminal past, are quite accomplished at giving a good impression by portraying themselves as model citizens. So accomplished are they, even the most jaded of landlords are taken in. For this reason, it is important landlords screen tenants before signing them on, always asking for references and taking out time to follow up on them.
2. Get Everything in Writing. To protect the interests of both yourself and your tenant, ensure you have everything put in writing, right from rental applications to code of conduct. If anything needs to be fixed in a tenant’s rental unit, ask him / her to put the request in writing, as well as, telling you over the phone or in person. This will not only help you with a record for your income tax deductions, but it will create a history for each tenant.
3. Clean and Safe Rental Units. A landlord should ensure the grounds of his / her rental property are clean and unlittered, always looking their best. And, depending on where your property is located, it is always a good idea to provide strong security measures for ensuring the safety and security of your tenants. Safe rental units may even help lower your insurance premiums.
4. Careful Recruitment of Property Managers. In case, you have vast rental properties and need to hire a manager to handle them, how successful you are as a landlord will hinge on your choice, since you are responsible for hiring the best person for the job.
5. Get Insured. Ascertain you have the maximum amount of rental insurance, property liability insurance, and all other essential insurance requirements in your state. Expensive rental property needs to be properly insured so that in the event of theft, fire, floods or any other damage, a landlord can rest easy, knowing his / her insurance will cover the damage.
6. Prompt Repairs. If a tenant is renting your unit, you must ensure he / she has decent living conditions. If the furnace breaks down, or other appliances don’t work, or the fixtures are broken, a landlord should arrange for repairs, as soon as possible. Just put yourself in a tenant’s position and having to live without heating or running water.
7. Respecting a tenant’s privacy. Even though you own the rental property, you do not have the right to enter it at will, and must adhere to state guidelines surrounding entry into a tenant’s rental unit. As a rule, most states insist on a 24-hour notice before a landlord can enter rented accommodation without impunity.
8. No Discrimination. It is incumbent on every landlord to follow the Fair Housing Administration Act when screening prospective tenants. It is best to avoid being slapped with a costly discrimination lawsuit. Everyone should be given an equal chance to rent your property, irrespective of race, religion or personal beliefs.
9. Well Drafted Lease. It is imperative for a landlord that the lease used is well-drafted and pro-landlord.
10. Fairness is the name of the game. Strive to treat all tenants fairly, understand their position and how they may perceive your actions. You may not get along with all tenants, but a good rapport with them will reduce your vacancy problems.

To avoid any mishaps or unwanted tenants, visit www.e-renter.com for help with tenant screening and background checks, the best and only way to prevent expensive litigation or penalty charges later on.