Best Business Practices for Landlords

Creative Commons License photo credit: Lexsion

Being a landlord is one thing, but being a good landlord is another. If you’re thinking about renting your property or getting into the landlord business then set your sights on being a good landlord and save yourself the headache and trauma of having bad tenants and facing future lawsuits. The following tips will help you in your effort to becoming a landlord that your tenants respect and may actually like.

Tenant Screening. For every applicant you need to perform the same steps, check their credit, their references and their income. Even if you have? bad feeling about them from the get go, its important that you document your research as they could come back and say you illegally discriminated against them.

Business First. Yes, your cousin’s kid may need a place to live but is that a wise business decision? Make all your decisions based on what is right for the business, you’ll save some headaches and possible lawsuits if you stick to business.

Know the Law. Be aware of your local and state laws regarding rentals and tenants. Ignorance of the law is not only no excuse, but it can get you into a load of trouble in the future.

Listen. The best way to be heard by your tenants is by listening. Hear their complaints and issues and then either tend to the problems or provide them with legitimate reasons why they will not be taken care of or what the timeframe is. Be someone your tenants can talk to.

Remember that your tenants want to have a good living experience and you want a good business experience so working together to create an atmosphere of professional courtesy will go a long way toward establishing a good, healthy relationship.