Do you Feel Lucky as a Landlord?

For landlords, relying on luck is a bad idea. You should always make your own luck by being prepared and educated. Never avoid tenant screenings, trusting a tenant’s promise on late rent, and avoiding preventative maintenance. Here are some tips to ensure you are being a smart landlord and not relying on luck.

Preventative Maintenance

Preventative maintenance is a good way to avoid potential problems and save you money.

• Maintaining and inspecting HVAC will reduce the chance of an emergency due to negligence
• Tenants will stay safer if the smoke detectors and carbon monoxide detectors are checked for proper functioning
• Having a pest control expert pay a visit regularly can make sure you don’t have any pest problems, and that none will become a problem in the future, like mice and ants
• Keep your landscaping maintained by trimming trees so they don’t interfere with any outdoor wires

Legal Issues

Being aware of the laws regarding rental properties and tenant’s rights can save you from a lot of trouble. Landlords commonly face legal issues like interfering on a tenant’s right to privacy, violating safety policies, asking illegal questions during tenant screenings, and using a generic lease agreement.

Late Rent

Use a notification process with a tenant on late rent instead of relying on false promises. The eviction process is slow, so if a landlord takes too long to get it started, they will lose out on several weeks of revenue.

Good Tenant Screenings

For a small price you can pay for the proper screenings for potential tenants. It’s too risky to go off recommendations or references. You need to know about criminal history and any past rental problems before taking on a new tenant.

While it’s easier to rely on luck, a good landlord knows taking precautions is the way to create your own luck with your business.