Wednesday, January 07, 2009

20 Landlord Tips for Newbies

20 Tips I've accumulated over the years
  1. Never call yourself a Landlord or Owner - you are a Property Manager
  2. Get a PO Box and never disclose your home address
  3. Allow up to 2 hours for paperwork before a tenant moves in
  4. The quality of your property determines the quality of your tenants!
  5. Use a competent real estate attorney
  6. Document messages you receive from tenants (voicemail, etc.)
  7. Use a specific key for vacant units - and only vacant units
  8. Use cell camera to snap photo of driver license or applicant
  9. Always dial *82 before calling tenants
  10. Never give tenants your cell phone number
  11. Before processing the application make a copy and mark it 'original', and the other 'Copy'
  12. Document the Date & Time that the form was submitted
  13. Send a bill on the 20th for next month's rent
  14. Use the postmark date on the envelope to determine 'lateness'
  15. Offer day shift officer $50/week to park his police car in property parking lot
  16. Charge tenants $25 for missed repair appointments
  17. Review insurance rates every 2-3 years.
  18. Pay tenants referral fee if they find a new (qualified) tenant
  19. Use dedicated bank accounts for your real estate activity
  20. Use the Equal Opportunity Housing logo on all forms (http://www.rrv.net/usarealty/hud%20logo.gif)

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1 Comments:

Anonymous myrtle beach apartments said...

great article there truely isn't enough landlord info out there

9:03 PM  

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