You remember earlier in the year when we wrote our article about being a better renter in 2016? Well here is the follow up to that dealing with how to be a better landlord.
Both are equally important and one without the other is a recipe for disaster.
- Treat Your Rental Like a Business Not a Hobby
While we know that you may have many other projects, companies, and hobbies on your plate, if you want to be a good landlord, you want to be successful, and you want to be liked by tenants, then you have to treat your business like a business!
Act as if you were the CEO of a company every time you have to deal with something at one of your rentals and ask yourself how a professional CEO whose income and lifestyle depended on his decision making, would act.
- Screen, Screen, Screen!
Before you ever let a tenant into your building you should thoroughly screen them for any potential problems to make sure that they will be a good fit for you and the other people staying in your building.
- No evictions
- No felonies (or no recent felonies)
- They should make at least triple the monthly rent
- They have good recommendations from other landlords.
- Be Liked But Respected
You can’t get all chummy with all of your tenants but you also should avoid being a jerk. Do your best to strike a balance between being nice to your tenants, and being stern so that they do not take advantage of your kindness.