20 Tips To Become A Successful Landlord In 2015

HOW TO BE A SUCCESSFUL LANDLORD R jacobgrant Being a landlord comes with a lot demands - creating lease agreements, screening tenants, marketing rentals and evicting poor tenants. Here are 20 tips to help navigate the waters and become a successful landlord... # 1: Use lease targeting Schedule the majority of your lease end dates for times when the market is providing the most prospective tenant traffic. #2: Treat your rental like a business What systems do you have in place to manage maintenance requests if you're out of town on vacation? Are you setting aside 10% of rental income for repairs? #3: Screen out the bad tenants Make sure tenant income is at least 3x the cost of monthly rent. Run a credit check, follow Fair Housing laws, ask for referrals from old landlords and avoid tenants with past evictions. #4: Keep your tenants happy It's a LOT cheaper to retain a tenant than find a new one. Fix repairs promptly, keep the property in good shape, treat your tenants with respect, and you'll see less turnover and more cash flow. #5: Have a lawyer review the lease Many of the common provisions placed in lease contracts are illegal. An attorney familiar with changing tenant-landlord laws can quickly spot lease errors and provide you with a court-tested document. #6: Reinforce good behavior Reward on-time, advanced rent payments or tenant referrals with movie tickets, chocolates, dinner vouchers, anything your tenant would appreciate. #7: Do not discriminate Follow Fair Housing laws when screening prospective tenants. These Federal laws make it illegal to discriminate on the basis of race, color, religion, national origin, sex, disability or familial status. # 8: Move-in/ move-out inspections Have the tenant document and sign off on any damages before they move in. shoot video of the property before move-in and after the tenant vacates the property #9: Set your hours Set "office hours" or your tenant will set them for you. After all, it's one of the perks of being a landlord in the first place :) #10: Get professional help Just because you worked in construction and know how to operate power tools doesn't mean you should be breaking up the concrete and fixing the plumbing problems. #11: Document EVERYTHING When it comes to being a successful landlord there is no such thing as a verbal agreement, only a signed contract. In order to protect your interests and the interests of your tenants, get everything in writing. # 12: Figure out the right rent How do you go about setting rental rates in line with the current market? Look in the local newspaper. Pay close attention to location. Check the internet for local rental rates. Always base your rent rates on current market conditions. #13: Set up a Google Voice Number Instead of giving tenants access to your personal cell number, set up a Google Voice account - which will supply you with a phone number that will forward through to your cell phone. #14: Electronic rent payment Many tenants prefer to pay rent online. It's faster and often more convenient. Look into setting up automatic payments, electronic cheques and credit card payment options to expedite payment. #15: You are NOT the owner When you are the owner the tenant will blame you for these decisions. Fear of this blame will often lead many landlords to start making decisions out of convenience rather than common sense. #16: Have a late policy Make it clear from day one you will be charging a late fee for overdue rent. The key is to be strict with the policy. The extra 60:00 income will help compensate for the stress of not getting rent on time. #17: Use multi-media marketing "List it and they will come..." I wish it were that easy. RENT In order to get your property in front of the renter (many of which are millennials), you need to have a presence across multiple marketing channels #18: Keep family out of it Renting to family and friends is a recipe for disaster. Each time you'll be faced with the following dilemma: Lose the money or the lose the relationship. Don't put yourself in that situation. #19: Have an enforceable lease Make sure you have an air tight lease that sets the terms and conditions for your tenants. #20: Get the right insurance Make sure you have the maximum amount of rental insurance, property liability insurance, and any other type of insurance required in your state. Prepared by: Let's get social: JACOB GRANT PROPERTY MANAGEMENT http://jacobgrant.com/ http://www.huffingtonpost.com/brandon-turner/five-easy-tips-for-being-_b_4362228.html http://www.interest.com/real-estate/news/7-smart-moves-for-getting-started-landlord/ http://www.landlordtalking.com/tips/tenant-screening/top-15-landlord-strategies-for-a-profitable-2015/ http://www.american-apartment-owners-association.org/property-management/latest-news/tips-on-how-to-be-a-successful-landlord/ http://www.allbusiness.com/10-tips-on-being-a-successful-landlord-4060-1.html http://www.nachi.org/how-to-be-a-successful-landlord.htm http://www.biggerpockets.com/renewsblog/2012/12/09/how-to-be-a-landlord/