2. If you are a first-time landlord, you have to be
careful how you deal with potential tenants.
3. Having residential tenants can be a sound
investment strategy, but effectively dealing with
them can be the difference between a profitable
investment and a costly one. If you are a first-
time landlord, you have to be especially careful
how you deal with both potential tenants and
existing ones
5. 1.Thoroughly Check a Tenant’s Background:
When interviewing a prospective
tenant, it is very important
to make sure he or she is a
good fit with existing tenants
as well as with the landlord
or property manager. Review
the tenant’s credit history
and check his or her references.
6. 2.Educate Yourself About Tenant and Landlord
Rights for Your State: The laws from state to state
differ regarding the rights and
responsibilities of the landlord.
It is imperative that the
investor is properly educated
about his or her rights, but
also about the rights of the
tenants. When a landlord-tenant relationship turns
toxic, both parties enter into a no-win situation.
7. 3.Keep the Lines of Communication Open:
Communication breakdown is often the root
problem behind poor tenant-landlord relations.
When the tenant calls about
a problem, he or she
should feel that someone will
respond. This does not mean
that you need to jump out of
bed before the sun rises
because a faucet is dripping,
but you should contact the tenant and set a
timeframe for inspection and repair of the faucet.
8. 4.Be Clear About Any Tenant Responsibilities: Do
this before the tenant agrees to the lease terms.
As a landlord, you have certain expectations that
you should have your tenant agree to. Sometimes
that includes basic cleanup,
no pets, no smoking, or
lawn maintenance. As a
landlord, it is important to
ensure that tenants have a
clear understanding of the
expectations included in the
rental agreement.
9. 5.Protect Yourself From Landlord Pitfalls: Ask
yourself some simple questions before you lease
a property. Is the property in good repair?
Will the tenant’s income be
enough to pay the rent and
utility costs for the unit?
Are you satisfied with the
tenant’s references and
credit history? Have you thoroughly and clearly
explained rules and expectations about the
rental agreement? If you answer no to any one
of these questions, you need to seriously
evaluate whether you should be renting the
unit.
10. As an investor and a landlord, you have a
responsibility to your tenants as well as to your
investment in the property. That responsibility
should include keeping a property in good
repair, maintaining the ability to communicate
with tenants and having the ability to qualify
prospective tenants. It is the investors that are
able to best execute those principles that have
the greatest opportunity to be successful.
