Evictions costs money, time, not mention headaches, and delays in getting your property rented. It all starts with the basics. Being a successful landlord requires lots of practical know-how, business skill, and familiarity with the law. Not knowing the rules can land you in lots of legal hot water. As a Landlord, it all starts with the basics (1) Choosing the right tenant(s) and doing your homework (commercial or residential (2) The Lease (3) Being a good landlord and avoiding the stigma of “slumlord.”
Choose your tenants well. A proper and complete lease application is key. A proper screening of applicants is worth the time and money. Credit checks are key. Reference checks are better.
The most important part of the application is the tenant’s work history.
A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal binding contract and important. Without a good, well written lease, you are basically asking for trouble. Don’t leave any stone unturned in the lease agreements.
Boilerplate leases are ok but a good lease contains specific terms. A good landlord gets good tenants. A slumlord gets a lawsuit. Be visible, be communicative, be fair, be productive, and care about your property and those who occupy it. You will attract the best tenants when you set high standards for yourself and your property.