Landlording tips!

Here are a few tips that I have found helpful as a landlord.

1. Follow up with a potential tenant in a timely manner! When someone wants to see your unit for rent, they usually want to see it TODAY not next week! I have had the best luck renting my units when I get back to the potential tenant in a timely manner. When I show the unit and it looks like they may be a good fit, I will then follow up with references usually the same day. Acting quickly allows me to place the right tenant in the right unit.

2. When checking references on a potential tenant, also call their place of work to see if they actually work there! If you can, get a character reference from a co-worker. Are they always late? Are they a responsible employee? These are things that may help you determine whether or not they would be a good tenant.

3. Again, when checking references, also call a previous landlord. Getting a reference from their current landlord is not enough. Current landlords may give good references because they in fact have a BAD tenant and they want them out of their unit!

4. Make sure that your unit is the right fit for the tenant! The worse thing that can happen is you place the right tenant in the wrong unit. If you have done your due diligence and you think you have a very good tenant, you want to ensure they end up in a unit they will be happy in for a while (this reduces vacancies!) For example, placing a quiet, clean tenant in a run-down or noisy building or neighborhood usually means that the tenant will not be around for long. (Not that we as landlords should have run-down buildings!)

5. Remember, it is the tenant that is your asset! Tenants want to be treated with respect just like everyone else. Properly screen them, and once you have decided to rent your unit to them, treat them like gold! After all, they are looking after your piece of real estate and building your wealth! Lastly, keep your units maintained. Maintaining your units attracts a better quality tenant. This is a win-win situation for everyone.

More landlording tips to come…